WTI crude oil for July delivery was down 1.9% to $59.30 a barrel early Friday afternoon, and Brent crude oil for August delivery was down 2.4% to $62.70 a barrel.
Oil prices were falling Friday due to U.S. shale oil output forecasts, according to Reuters. U.S. shale producers expect their output to rise through the rest of the year, despite recent scale backs in response to lower oil prices.
Concerns over a possible Greek default also helped lower oil prices as it helped strengthen the dollar against the euro.
Chesapeake Energy is an oil and natural gas company based in Oklahoma City with positions in the Eagle Ford, Utica, Granite Wash, Cleveland, Tonkawa, Mississippi Lime and Niobrara unconventional liquids plays.
TheStreet Ratings team rates CHESAPEAKE ENERGY CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHESAPEAKE ENERGY CORP (CHK) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."