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Chesapeake Energy: Marcellus South Sale Highlights Sum-Of-The-Parts Value
- The $5.4 billion divestiture of the Marcellus South addresses leverage concerns and delivers an adequate value for a major asset in the portfolio.
- The transaction is logical in the context of Chesapeake’s asset-rich but capital-poor situation.
- The divestiture may not be the last strategic step that the company may decide to pursue.
Chesapeake Energy: A Spin-Off For Southern Marcellus?
- Chesapeake may pursue a sale or spin-off of the Southern Marcellus.
- A separation transaction would highlight the value of this large, high-quality but underfunded asset.
- A successful spin-off could set a precedent for other assets in Chesapeake’s portfolio that could command high multiples as stand-alone companies.
Chesapeake Energy - Commodity Price Differentials Surprise
- Chesapeake pre-announced weaker-than-forecasted natural gas and NGL price realizations in Q2.
- Companywide, Chesapeake sold its natural gas at $1.91 below Henry Hub in Q2.
- CHK's Marcellus North discount after gathering, transportation and basis averaged $2.47.
- Net NGL price realization in Q2 declined 28% from the previous quarter.
- Analysts' cash flow estimates for the year will likely be revised materially down.
- Chesapeake Energy: Another $1 Billion Raised In Challenging Divestiture Market
- Chesapeake Sells Granite Wash Midstream Assets To MarkWest: Quick Read
- Chesapeake Sells Another Marcellus Package At Low Valuation: Transaction Analysis
- Chesapeake Sells Marcellus Acreage To Southwestern At $574 Per Acre: Quick Read
- Chesapeake Energy And The Rig Count Conundrum
- Chesapeake Energy: Oklahoma Asset Sales May Surprise To The Upside
- How Much Are Chesapeake Energy's Haynesville Assets Worth?
- Chesapeake Energy: $3.3 Billion Permian Asset Sale Disappoints
- Chesapeake Energy: Strong Q3 Natural Gas Volumes Defy Management's Declining Supply Thesis