Chesapeake Energy Corporation

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  • Jun. 7, 2012, 8:22 AM

    There's no let-up on Aubrey McClendon from Reuters, which finds that Chesapeake (CHK +1.3%) staff spent 15,000 hours working on the CEO's personal projects in 2010 at a cost of $3M, a figure that hit $3.2M in 2011. Then there's $1M of personal flights using the corporate jet in 2010-11. (See also Chesapeake's real-estate kingdom).

    | Jun. 7, 2012, 8:22 AM | 5 Comments
  • Jun. 7, 2012, 7:56 AM

    Bloomberg shines a light on the extent of Chesapeake's (CHK) non-core assets, finding that the oil company has amassed a $300M real-estate kingdom that includes a church, houses, and a shopping center in its home town of Oklahoma. Chesapeake is also the landlord for the high-end Deep Fork Grill restaurant, in which Aubrey McClendon owns 49.7%.

    | Jun. 7, 2012, 7:56 AM | 3 Comments
  • Jun. 6, 2012, 2:34 PM

    BofA Merrill Lynch lowers its oil price forecast but says the selloff in oil stocks has opened up attractive opportunities, viewing top pick Hess (HES +4.6%) and others - MRO +3.7%, CHK +5.3%, APC +4.8%, OXY +3.7% - as offering the best upside potential. Many of the downside risks facing those companies are already priced into the stocks, the firm says. (earlier)

    | Jun. 6, 2012, 2:34 PM
  • Jun. 6, 2012, 9:37 AM
    Chesapeake Energy (CHK +3.7%) pops at the open on reports of advanced talks to sell CHK's interests in Chesapeake Midstream Partners (CHKM +5.5%) and other pipeline assets. Separately, Argus Research upgrades shares to Hold from Sell, citing the planned changes at the board level following Carl Icahn's investment as "incremental positives."
    | Jun. 6, 2012, 9:37 AM | 3 Comments
  • Jun. 6, 2012, 5:49 AM
    Chesapeake Energy (CHK) is in advanced discussions to sell its 45.2% limited partner interest in Chesapeake Midstream (CHKM) and other pipeline assets to Global Infrastructure for over $4B. The deal would be part of Chesapeake's strategy to sell assets as it faces a cash-flow shortfall that Alembic analyst James Sullivan believes could hit $22B by the end of 2013.
    | Jun. 6, 2012, 5:49 AM | 2 Comments
  • Jun. 5, 2012, 5:37 PM

    Aubrey McClendon (CHK) reportedly has hired ex-SEC lawyer Marvin Pickholz to represent him in an SEC inquiry into $1.3B in personal loans he obtained from an investment firm doing business with the company. The SEC is said to be looking into whether the loans posed a conflict of interest or should have been disclosed to shareholders.

    | Jun. 5, 2012, 5:37 PM | 10 Comments
  • Jun. 5, 2012, 2:44 PM

    "What are a [former] senator and governor doing on Chesapeake's (CHK) board?" Doug McIntyre asks, citing a lack of credentials to serve as public company directors as reasons why they should be sacked. But CHK's “issues with debt, liquidity, cash flow and low commodity prices aren’t going to go away just because they’re changing the board," Argus' Philip Weiss reminds.

    | Jun. 5, 2012, 2:44 PM | 6 Comments
  • Jun. 4, 2012, 4:41 PM

    Chesapeake Energy (CHK) is looking to sell ~337K acres of its holdings in Ohio as it works to plug its cash shortfall, according to a prospectus released by one of its advisers. Most of the acreage on the block is said to lie in regions with high concentrations of oil and natural gas liquids.

    | Jun. 4, 2012, 4:41 PM
  • Jun. 4, 2012, 12:58 PM
    Chesapeake (CHK +4.6%) tops the S&P leader board after its decision to replace four directors, as investors agree with a Robert W. Baird analysis that the move "will go a long way in addressing the market's lack of confidence around Chesapeake's corporate governance and likely usher in a new culture of increased conservatism."
    | Jun. 4, 2012, 12:58 PM | 2 Comments
  • Jun. 4, 2012, 8:48 AM

    Chesapeake (CHK) announces an agreement with its two largest shareholders, Southeastern Asset Management and Carl Icahn, to reconstitute its Board of Directors by replacing four directors with three new directors selected by Southeastern and one by Icahn. Aubrey McClendon remains CEO. CHK +2.7% premarket.

    | Jun. 4, 2012, 8:48 AM | 15 Comments
  • Jun. 4, 2012, 5:34 AM

    Chesapeake's (CHK) decision last October to sell its hedges against low gas prices has exacerbated the company's cash crunch, left it largely unprotected against low gas prices this year and WSJ calculates losses of around $750M-900M on the positions. Chesapeake has generally been successful with these kinds of levered bets, but acting more like a hedge fund than an exploration company can clearly backfire.

    | Jun. 4, 2012, 5:34 AM | 2 Comments
  • Jun. 1, 2012, 2:26 PM

    Chesapeake's (CHK -6.7%) new discovery in the Anadarko Basin isn't helping shares, as the price of crude sinks. CEO Aubrey McClendon says the discovery underscores a focus on getting growth from existing assets “rather than on pursuing new leasehold." CHK plans to drill ~65 wells in Anadarko; the drilling is already factored into its capital spending plans.

    | Jun. 1, 2012, 2:26 PM | 3 Comments
  • Jun. 1, 2012, 9:34 AM

    Chesapeake (CHK -3.5%) announces a "significant" new discovery in the Hogshooter play in the Anadarko Basin of the Texas Panhandle and western Oklahoma. Chesapeake owns ~30K net acres in the play, which are more than 90% held by production from its legacy deeper Granite Wash production.

    | Jun. 1, 2012, 9:34 AM | 4 Comments
  • May 31, 2012, 3:39 PM
    Working capital deficits aren't necessarily alarming if a company is growing rapidly and can access the necessary financing, but Chesapeake's (CHK) deficit sets it apart and bears watching given its turmoil. CHK has enjoyed positive net working capital on a rolling basis in six out of 38 quarters; its peer group has, on average, had positive net working capital for 25 quarters.
    | May 31, 2012, 3:39 PM
  • May 31, 2012, 3:23 PM

    Royal Dutch Shell (RDS.A, RDS.B) is "progressing very well" toward its goal of drilling for oil offshore Alaska by the summer, CEO Peter Voser says. Shell isn't likely to buy assets from Chesapeake's (CHK) Permian Basin oil fields, he says, and warns that Europe's chaos may cause global energy prices to soften in the short term before rebounding in late 2013.

    | May 31, 2012, 3:23 PM
  • May 31, 2012, 12:57 PM

    Chesapeake (CHK -0.7%) needs to sell $7B of assets this year to avoid breaching a covenant in one of its debt agreements, Moody’s analyst Peter Speer writes, adding to similar comments from Jefferies. CHK’s cash flow has declined along with the price of natural gas, Speer notes, and it “risks exceeding the 4x debt/EBITDA limitation in its credit facility" in H2 2012."

    | May 31, 2012, 12:57 PM | 1 Comment
Company Description
Chesapeake Energy Corp is a natural gas and oil exploration and production company. It explores, develops and acquires properties for the production of natural gas and crude oil from underground reservoirs and also provides marketing & midstream services.