Drillers unfazed by Chesapeake cutbacks.

Some of the largest onshore drilling contractors in the US seem relatively unfazed by Chesapeake Energy's announcement that it plans to cut back drilling and shut in some production in response to weak North American natural gas prices.

Chesapeake said last week that prices have been hurt by a glut of gas in storage and, as the third-largest gas producer in the US, it feels obligated to take action to help bring the market back into balance (OD Sep.6,p1).

But Hans Helmerich, chief executive of drilling contractor Helmerich & Payne (H&P), told attendees at the Lehman Brothers energy conference in New York last week that they should try listening to …