Chesapeake Energy released preliminary 2019 fourth quarter production and operational results yesterday. The company said it’s making progress with reducing its mammoth debt. Oil production, which the company increasingly focuses on, was 6% higher in 4Q19 than 4Q18. But the stock price remains low, bumping along just above $0.50 per share (in danger of being delisted, see NYSE Warns Chesapeake Energy Stock to be Delisted…Unless). As always, our interest is in Chesapeake’s prolific Marcellus program. Although the Marcellus only gets a brief mention in this update, what they said certainly caught our attention.