Chesapeake Energy Corporation (CHK) - NYSE
  • Mon, Mar. 7, 9:11 AM
    | Mon, Mar. 7, 9:11 AM | 1 Comment
  • Fri, Mar. 4, 6:35 PM
    • Chesapeake Energy (NYSE:CHK) was the largest gainer on the S&P 500 for the third day in a row, soaring 19% in today's trade to cap an 89% surge for the week - thanks in no small part to the big short squeeze in the energy sector following the bounce in crude oil prices.
    • Short interest in CHK rose to 234.7M shares during February's H1, ~40.5% of the public float and more than triple the short interest of a year ago (Briefing.com).
    • Many energy names have high short interest, so short-covering is certain to be playing a part in the momentum behind some of this week's movers, including Atwood Oceanics (ATW, with short interest at 42% of the float), Transocean (RIG, short interest 38.6% of float), Hornbeck Offshore (HOS, 36.5%), Bonanza Creek Energy (BCEI, 32.4%), SM Energy (SM, 26.6%), Tidewater (TDW, 22.3%), Noble Corp. (NE, 21.1%), Whiting Petroleum (WLL, 19.9%), Lucas Energy (LEI, 19%), Denbury Resources (DNR, 18.8%), Seadrill (SDRL, 17%).
    | Fri, Mar. 4, 6:35 PM | 91 Comments
  • Fri, Mar. 4, 2:36 AM
    • Federal prosecutors have moved to dismiss the indictment of Chesapeake Energy (NYSE:CHK) founder Aubrey McClendon, "for the reason that...the defendant is now deceased."
    • But while the case against McClendon is expected to end, sources told CNBC that the DOJ's broader investigation into possible collusion in the oil and natural gas industry is ongoing.
    • His indictment sent tremors through the energy sector, as other companies and investors fretted over who else could face charges, but Chesapeake itself recorded its biggest two-day gain in its history (+60%) after receiving immunity on condition that they are first to report antitrust violations.
    | Fri, Mar. 4, 2:36 AM | 37 Comments
  • Thu, Mar. 3, 2:34 PM
    • Chesapeake Energy (CHK +34.4%) looks headed for the biggest two-day gain in its history after announcing its cooperation in the federal antitrust case against former CEO Aubrey McClendon.
    • CHK says it received immunity under a Justice Department leniency program that shields companies from criminal charges if they are first to report antitrust violations.
    • University of Houston law professor Darren Bush tells CNBC that the way the indictment was written by prosecutors "indicated they targeted McClendon as having initiated the conspiracy," and was "the big fish" prosecutors were after.
    • Bush also says it is probable that the co-conspirator in the case - reportedly former SandRidge (SD +19.3%) CEO Tom Ward - had agreed to testify against McClendon at trial, and then plead guilty afterward.
    • NYU law professor Harry First says it is possible that the alleged co-conspirator testified against McClendon before the grand jury that ended up indicting him, and the conspirator would have been granted immunity from his own testimony being used against him as part of a separate prosecution.
    | Thu, Mar. 3, 2:34 PM | 60 Comments
  • Wed, Mar. 2, 3:06 PM
    • Aubrey McClendon, the former Chesapeake Energy (CHK +27.7%) founder and CEO who was indicted yesterday for conspiring to rig bids for oil and natural gas leases, has died in a car crash, CNBC reports.
    • McClendon crashed into an embankment while traveling at a "high rate of speed" this morning, according to the Oklahoma City Police Department, which also said "he pretty much drove straight into the wall."
    • Shares have been moving higher all day - not related to the fatal accident - after CHK said it did not expect to face criminal prosecution or fines related to the indictment.
    | Wed, Mar. 2, 3:06 PM | 179 Comments
  • Wed, Mar. 2, 7:56 AM
    • Chesapeake Energy (NYSE:CHK) -5.9% premarket after former CEO Aubrey McClendon was indicted for rigging bids on oil and gas leases.
    • CHK says it "does not expect to face criminal prosecution or fines" related to the matter, adding that the company has taken significant steps to address legacy issues and comply with laws and regulations.
    • The DoJ charges that the participants in the alleged bid-rigging scheme decided ahead of time who would win the leases; the state of Michigan made similar allegations against CHK, and the company settled that case for $25M last year.
    • McClendon, who calls the charges "wrong and unprecedented," says he is being "singled out" as the only person in the oil and gas industry in more than 110 years to be charged under the Sherman Act for oil and gas leasing activity.
    • Among notable recent cases where the DoJ pursued criminal charges against CEOs, former Peanut Corp. of America president Stewart Parnell was sentenced to 28 years in prison for a cover-up that led to a deadly salmonella outbreak, and former Massey Energy CEO Don Blankenship was convicted of conspiracy to violate federal mine safety laws but was acquitted of lying to investors and regulators about the company’s safety record.
    • DoJ release
    | Wed, Mar. 2, 7:56 AM | 18 Comments
  • Tue, Mar. 1, 7:19 PM
    • Chesapeake Energy (NYSE:CHK) co-founder and former CEO Aubrey McClendon is indicted by the U.S. Justice Department for conspiring to rig bids for oil and natural gas leases.
    • The indictment alleges that McClendon led a conspiracy between two companies not to bid against each other for purchases of leases in Oklahoma.
    • The alleged conspiracy took place during 2007-12, and the companies are accused of deciding who would win the bids, then giving an interest in the leases to the other company.
    • McClendon was in the vanguard of the shale revolution and amassed a shale empire at CHK before he was dismissed in 2013 amid conflict-of-interest probes and a shareholder revolt.
    • CHK -4.3% AH.
    | Tue, Mar. 1, 7:19 PM | 60 Comments
  • Fri, Feb. 26, 9:17 AM
    | Fri, Feb. 26, 9:17 AM | 7 Comments
  • Thu, Feb. 25, 3:37 PM
    • Chesapeake Energy (CHK -2.8%) says debt downgrades from ratings agencies in December have its counterparties including pipeline companies asking for collateral to assure them of the company's financial stability.
    • Moody's and S&P downgraded CHK's rating into junk territory in December, but since then parties have asked the company to post ~$220M collateral, and CHK may need to post another $698M, which could negatively impact its liquidity, according to a 10-K filing.
    • Earlier: Chesapeake downgraded at Fitch, shares pull back from yesterday's surge
    | Thu, Feb. 25, 3:37 PM | 65 Comments
  • Thu, Feb. 25, 12:47 PM
    • Fitch Ratings is the latest agency to downgrade Chesapeake Energy (CHK -5.7%), dropping the company's credit rating to B- from B with a negative outlook.
    • Fitch says the downgrade reflects the heightened liquidity risk given the prospect for a lower and longer price recovery profile, as well as the potential for low oil prices to hurt CHK’s plans to raise liquidity through asset sales that also could have an unfavorable impact on the next round of borrowing-base redeterminations.
    • Shares are pulling back from yesterday's 22% surge that followed the company's Q4 results, as investors liked CHK's plans to repay its $500M in bonds due next month, taking near-term default worries off the table, and news that it had agreed to or signed $700M in asset sales YTD, above an earlier target of $200M-$300M.
    | Thu, Feb. 25, 12:47 PM | 26 Comments
  • Wed, Feb. 24, 12:48 PM
    | Wed, Feb. 24, 12:48 PM | 6 Comments
  • Wed, Feb. 24, 12:45 PM
    • Chesapeake Energy (CHK +21.7%) agrees to sell its remaining Western Anadarko Basin oil and gas assets to privately-held FourPoint Energy for $385M.
    • The assets to be acquired include an interest in nearly 3,500 producing wells primarily in the Granite Wash, Missourian Wash, Upper and Lower Cleveland and Tonkawa formations in western Oklahoma and the Texas panhandle.
    • CHK has reversed early premarket losses, as its deals to divest $700M in gas fields and other assets and plans to sell $500M-$1B in additional assets this year allow it to pay off debt coming due in three weeks.
    • Seeking Alpha contributor Daniel Moore says CHK now has a lifeline into 2017 and possibly much longer but its long-term recovery remains linked to its ability to create a competitive cost structure.
    | Wed, Feb. 24, 12:45 PM | 12 Comments
  • Wed, Feb. 24, 9:21 AM
    | Wed, Feb. 24, 9:21 AM | 1 Comment
  • Wed, Feb. 24, 7:56 AM
    • Chesapeake Energy (NYSE:CHK) -4.1% premarket after swinging to a Q4 loss on less than half the revenue from the year-ago quarter, and announcing drastic capex cuts.
    • CHK is budgeting total FY 2016 capital spending of $1.3B-$1.8B, 57% less at the midpoint than its 2015 capex of $3.6B.
    • CHK says it expects to place 330-370 wells on production, resulting in total production that declines 0%-5% Y/Y, after adjusting for asset sales.
    • CHK also says it has signed agreements to divest $700M in gas fields and other assets, more than the $200M-$300M forecast provided in December, and plans another $500M-$1B in asset sales in 2016.
    • The asset sales may ease concern among bondholders and analysts that CHK was struggling under the weight of a debt burden that S&P recently described as “unsustainable.”
    • "In light of the challenging commodity price environment, our focus for 2016 is to improve our liquidity, further reduce our cost structure and address our near-term debt maturities to strengthen our balance sheet," CEO Doug Lawler says.
    • Update (8:09 am): CHK has turned around in volatile premarket action, now +7.3%.
    | Wed, Feb. 24, 7:56 AM | 23 Comments
  • Wed, Feb. 24, 7:04 AM
    • Chesapeake Energy (NYSE:CHK): Q4 EPS of -$0.16 beats by $0.01.
    • Revenue of $2.65B (-53.4% Y/Y) beats by $20M.
    • Press Release
    | Wed, Feb. 24, 7:04 AM | 93 Comments
  • Tue, Feb. 23, 5:30 PM
    | Tue, Feb. 23, 5:30 PM | 6 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