May 15, 2012. Chesapeake Energy Corp., the worst- performing U.S. oil and natural-gas stock this year, postponed a sale of future production from Texas oilfields and the spinoff of its drilling subsidiary as slumping prices worsened a cash crunch. The company canceled plans to raise as much as $1 billion through a so-called volumetric production payment from its Eagle Ford wells in south Texas. An initial public offering for Chesapeake's oilfield- services unit also is on hold until at least next year. The company, facing a cash-flow shortfall that Fitch Ratings estimates will reach $10 billion, will keep the Eagle Ford wells as it seeks to meet terms of a $4 billion revolving credit facility. Chesapeake will sell other assets to raise cash. The drilling IPO is on hold because of "market conditions". Chesapeake, the largest U.S. gas producer after Exxon Mobil Corp., said it will borrow $3 billion from Goldman Sachs Group Inc. and Jefferies Group Inc. to tide it over until it can find buyers for assets and partners to help cover drilling costs.