Chesapeake Energy Corp's target to pare its debt to $9.5 billion or less by the end of the year may be pushed into 2013, along with some planned deal closings, the company's chief financial officer told analysts Friday.
Shares of Chesapeake slumped 6 percent to $18.85 in morning trading on the New York Stock Exchange.
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"We remain absolutely committed to reducing our net long term debt to no more than $9.5 billion and if not achieved December 31, 2012, we expect to accomplish this number one goal in early 2013," CFO Domenic Dell'Osso said during a conference call to discuss the company's third-quarter earnings.
Chesapeake has about $16 billion in long-term debt, according to the company's latest balance sheet.
(Reporting by Anna Driver; Editing by Bernadette Baum)