Chesapeake Energy Corporation (CHK) - NYSE
  • Tue, Jul. 19, 11:48 AM
    • Chesapeake Energy (CHK -1.7%) and former partner Tom Ward are being sued by investors who say the pair conspired to rig bids for drilling rights during the shale boom.
    • The lawsuit brought by Chisholm Partners and its investors, which accuses CHK and Ward of working together to artificially lower prices while Aubrey McClendon led CHK and Ward was CEO at SandRidge Energy, seeks at least $30M in damages.
    • The suit alleges that CHK and  SD between them illegally divided up the geographic area covering the Anadarko Basin Region in Kansas, and other states, and agreed not to compete and drive up prices.
    | Tue, Jul. 19, 11:48 AM | 47 Comments
  • Tue, Jul. 12, 12:28 PM
    • Chesapeake Energy (CHK +8.6%) surges after Piper Jaffray upgrades shares to Neutral from Underweight with a $4.50 price target, saying CHK's default risk over the next two years is diminished following $950M of divestitures, a more lenient credit agreement, several debt-to-equity transactions and an improving natural gas narrative.
    • CHK should be able to successfully address upcoming maturities, anticipated outspend and working capital requirements, the firm says.
    • CHK continues to suffer from significant debt, large upcoming maturities and a declining production profile, but Jaffray believes the company's recent actions have improved the outlook for the stock.
    | Tue, Jul. 12, 12:28 PM | 61 Comments
  • Thu, Jun. 30, 6:38 PM
    • The number of earthquakes in Oklahoma has fallen 25% YTD from a year ago, a decline attributed in part to actions by state regulators to restrict the oil and gas industry’s practice of pumping wastewater from its operations deep underground.
    • More than 2,700 temblors of magnitude 2.5 or higher occurred in Oklahoma last year, according to the U.S. Geological Survey; the state experienced 1,097 quakes of similar magnitude in the first six months of this year, down from ~1,400 over the same period in 2015.
    • Oklahoma's leading oil and gas producers include CLR, CHK, DVN, MRO, NFX and XEC.
    | Thu, Jun. 30, 6:38 PM | 31 Comments
  • Tue, Jun. 28, 9:18 AM
    | Tue, Jun. 28, 9:18 AM | 1 Comment
  • Tue, Jun. 21, 12:30 PM
  • Mon, Jun. 20, 7:11 PM
    • Eleven of the biggest U.S. oil and gas producers leak so much methane gas into the atmosphere every year that the emissions would be the equivalent of running seven coal-fired power plants for a year, according to a new report from the Center for American Progress.
    • Using 2014 data, the report says the top five U.S. methane emitters were ConocoPhillips (NYSE:COP), Exxon Mobil (NYSE:XOM), Chesapeake Energy (NYSE:CHK), EOG Resources (NYSE:EOG) and BP America.
    • The Obama administration has announced a goal to lower methane emissions from oil and gas by 40%-45% from 2012 levels by 2025, and the EPA also is preparing standards for methane emissions for current oil and gas wells.
    | Mon, Jun. 20, 7:11 PM | 56 Comments
  • Mon, Jun. 20, 2:25 PM
    • Marathon Oil (MRO +10.4%) powers higher after snapping up P-E-backed PayRock Energy for $888M, increasing its footprint in Oklahoma's prolific STACK oil play.
    • MRO expects internal rates of return for the new addition of 60%-80% before taxes at a WTI price of $50/bbl.
    • CEO Lee Tillman says MRO would ratchet up drilling activity if crude prices held above $50/bbl for a while, and that the Oklahoma oil region is profitable enough that it can compete for capital against the company’s other oil plays.
    • SunTrust analysts consider ~60% of Payrock’s position to be in the core STACK, and estimates the core acreage value at ~$15K/acre, which appears in line with recent transactions.
    • The firm also thinks MRO's move is good news for core STACK players Newfield Exploration (NFX +0.5%), Cimarex Energy (XEC +1.3%), Continental Resources (CLR +1.2%), Devon Energy (DVN +4.6%) and Chesapeake Energy (CHK +3.3%).
    | Mon, Jun. 20, 2:25 PM | 14 Comments
  • Mon, Jun. 20, 9:47 AM
    • Chesapeake Energy (CHK +3.1%) is resumed with an Underperform rating and $3 price target at Jefferies, but the stock pops at the open along with the broader oil and gas sector as Brexit fears wane.
    • The firm says CHK's recent actions have materially reduced the risk of default and liquidity issues, but "overall obligations remain very high, volumes are declining, asset quality looks sub-par and significant further equityholder dilution is likely."
    | Mon, Jun. 20, 9:47 AM | 54 Comments
  • Mon, Jun. 20, 9:16 AM
    | Mon, Jun. 20, 9:16 AM | 1 Comment
  • Thu, Jun. 9, 11:24 AM
    • Chesapeake Energy (CHK -6.7%) is downgraded to Underperform from Sector Perform with a $5 price target at RBC Capital, mostly on concerns about $2.2B in looming debt maturities.
    • The firm also notes that CHK has another $1B in debt coming due in 2019 and again in 2020, so much-needed free cash flow could be scarce over the two-year period.
    • CHK closed a $385M sale of oil and gas assets this month tied to the western Anadarko Basin, but RBC says the company would be better off selling more of its acreage to shore up cash, pointing to the 42K acres recently sold for $470M.
    • RBC also cites valuation in its downgrade, as well as its view that CHK's opportunities to add value in a rising commodity market are more limited than its peers.
    | Thu, Jun. 9, 11:24 AM | 65 Comments
  • Wed, Jun. 8, 2:50 AM
    • When Aubrey McClendon drove his Chevy Tahoe into a bridge the day after he was indicted for allegedly rigging the price of oil and gas leases, suspicions arose that he had killed himself.
    • But a two-month probe by Oklahoma Police has found nothing to suggest the Chesapeake Energy (NYSE:CHK) founder committed suicide.
    • "Our investigators found no information that this was anything other than a car accident," Captain Paco Balderrama said, but "we may never know 100% what happened."
    • Previously: McClendon was speeding ahead of fatal crash (Mar. 15 2016)
    | Wed, Jun. 8, 2:50 AM | 38 Comments
  • Thu, May 26, 9:18 AM
    | Thu, May 26, 9:18 AM | 1 Comment
  • Wed, May 25, 3:18 PM
    • Chesapeake Energy's (CHK +7.5%) recent debt-for-equity swaps that helped reduce its near-term borrowings make sense but come at the expense of dilution to shareholders, Wunderlich analyst Jason Wangler says, arguing that better opportunities lie ahead to purchase CHK shares.
    • CHK's transactions over the past few months reflect a ~10% dilution in exchange for a ~4% reduction in the debt level, and Wangler expects CHK to continue making similar moves, specifically for its near-term maturities, to reduce debt and debt metrics; refinancing the debt would be more expensive, and potentially difficult, so reducing the overall debt is a positive, he says.
    • But the firm maintains its Hold rating and $6 price target on CHK as multiple and/or sizable deals likely are still to come, and "there could be better opportunities ahead once the dilution and debt reductions are completed."
    | Wed, May 25, 3:18 PM | 35 Comments
  • Mon, May 23, 6:20 PM
    | Mon, May 23, 6:20 PM | 46 Comments
  • Mon, May 23, 2:34 PM
    • Chesapeake Energy (CHK -0.4%) and Total (TOT -0.6%) agree to pay $52.5M to 13K people who claimed their royalties were underpaid for leases in the Barnett Shale.
    • As part of the agreement, CHK will provide $29.4M upon court approval of the settlement and another $10M in three years, while TOT will pay $13.1M in cash when the deal is finalized.
    • TOT agreed two months ago to pay $6M to settle a similar royalty lawsuit brought by the city of Fort Worth, which also sued CHK, and lawyers involved in the litigation say they expect CHK to settle its part of that litigation soon.
    • Now read Chesapeake's recent slide is unwarranted
    | Mon, May 23, 2:34 PM | 13 Comments
  • Wed, May 18, 12:45 PM
    • The Oklahoma Senate has passed a bill suspending a tax incentive for the oil industry that thinks will force many smaller producers out of business.
    • Oklahoma lawmakers voted to eliminate a rebate for the worst-performing wells in order to help plug a $1.3B budget gap; while barely utilized during the boom years, the cost of that tax credit grew to more than $130M last year as sinking prices made more wells unprofitable.
    • Oklahoma's leading oil and gas producers include CLR, CHK, DVN, MRO and NFX.
    | Wed, May 18, 12:45 PM | 35 Comments
Company Description
Chesapeake Energy Corp. is a natural gas and oil exploration and production company, which is engaged in the exploration, development and acquisition of properties for the production of natural gas, oil and natural gas liquids from underground reservoirs. It also provides substantial marketing,... More
Industry: Independent Oil & Gas
Country: United States