Chesapeake swung to a fourth-quarter net loss of $2.2 billion, or $3.36 a share, compared with a profit of $639 million, or 81 cents, a year earlier, according to the statement. The results were on target with the expected per-share loss of 16 cents based on the average estimate of 29 analysts in a Bloomberg survey.

Asset WritedownsThe precipitous decline in energy prices prompted the company to write down $2.83 billion in the value of gas fields and other assets during the fourth quarter, bringing Chesapeake’s full-year writedowns to $18.2 billion.

For all of 2015, Chesapeake posted a $14.7 billion loss, the deepest in company history.

The gas producer said it’s budgeting spending of $1.3 billion to $1.8 billion in 2016, 57% less than its spending last year. Chesapeake expects to reduce the number of drilling rigs working its fields to between four and seven this year, down from 14 in the fourth quarter. As recently as late 2014, the company had 67 rigs in operation.

In an about-face from former CEO Aubrey McClendon’s approach, Chesapeake said it locked in future prices for some of its gas at $2.84 per thousands cubic feet. A portion of its 2016 crude is hedged at $47.79 a barrel, a premium to the current U.S. oil price of around $32.

The stock fell as much as 51 percent on Feb. 8 to the lowest since it began trading in 1993 after a news report that Chesapeake hired restructuring attorneys; the company issued a statement that same day saying that it had no intention of filing for bankruptcy protection.