Chesapeake Energy (NYSE CHK) said in a news release Monday it would reduce capital expenditures by 17 percent because of a decrease in natural gas prices and concerns about the possibility of a gas surplus.

Of the total, $800 million affects the company's recent joint venture with BP America in the Fayetteville Shale in north-central Arkansas, Chesapeake said.

Chesapeake is one of several oil and gas exploration companies drilling in the Fayetteville Shale since the underground gas reserve was deemed commercially viable in 2002.