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Chesapeake (CHK +2%) agrees to sell ~57K net acres in the Eaglebine formation in Texas for $125M...

Chesapeake (CHK +2%) agrees to sell ~57K net acres in the Eaglebine formation in Texas for $125M to emerging oil and gas producer Energy & Exploration Partners. CHK is in the process of divesting lots of oil and gas acreage to steady its financial ship and reduce its capital spending commitments.
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  • Factzplz
    , contributor
    Comments (266) | Send Message
     
    Yep, part of the plan announced 5 years ago, to keep upgrading its portfolio, by culling the least productive assets.

     

    So it is selling 10% of its assets for $19 billion, yet the market cap is just $13 billion.

     

    I wish it would sell 10% more of its assets and buy back 50% of the shares and end the Wall Street stupidity.
    11 Sep 2012, 03:19 PM Reply Like
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