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Chesapeake Energy Corporation

6/19/2013, 3:51 AM ET

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Tuesday, June 18, 10:02 AM Chesapeake Energy (CHK) on Monday named as chief compliance officer a lawyer it had previously hired to respond to an SEC investigation. Patrick Craine was hired to augment CHK's regulatory and legal compliance efforts after last year handling the SEC's inquiry into the controversial perk that granted former CEO Aubrey McClendon a share in each of CHK's wells. 1 Comment [Energy]
Monday, June 17, 9:33 AM Chesapeake Energy (CHK) declares $0.0875/share quarterly dividend, in line with previous. Forward yield 1.69%. For shareholders of record July 15. Payable July 31. Ex-div date July 11. (PR) 1 Comment [Dividends]
Friday, June 14, 12:28 PM Chesapeake Energy (CHK -1.2%) shareholders fail to approve a proposal to declassify the company's board of directors, a step that would have made it easier to replace the entire board all at once. The board actually had supported a change which would have eliminated the current board structure, where each of the eight directors serves a staggered three-year term. 1 Comment [Energy]
Friday, June 7, 3:16 PM Gastar Exploration (GST +3.6%) says it's completed its acquisition of proven reserves and undeveloped leasehold interests in Kingfisher and Canadian Counties, Oklahoma, from Chesapeake Energy (CHK) for $84M. The company also reports that as of today, Michael McCown will assume the position of senior vice president and chief operating officer. Michael Gerlich will continue as GST's CFO and has been promoted to senior vice president. Comment! [Commodities, M&A, On the Move]
Thursday, June 6, 2:22 PM In hundreds of cases across the U.S., drillers have agreed to cash settlements with people who say fracking ruined their water, according to a Bloomberg analysis of legal and regulatory filings. The strategy keeps data from regulators, policymakers, the media and health researchers, and makes it difficult to challenge the industry’s claim that fracking has never tainted anyone’s water. 13 Comments [Energy]
Thursday, June 6, 8:38 AM Chesapeake Energy (CHK) is again the target of proxy advisory firms ahead of next week's annual meeting, as ISS and Glass Lewis urge investors to vote against CHK's newest independent director, Thomas Ryan, who sits on four boards, which they say is too many. Also, ISS recommends voting no in a non-binding referendum on executive pay, faulting its separation deal with Aubrey McClendon. 4 Comments [Energy]
Tuesday, June 4, 5:19 PM Moody's revises its rating outlook for Chesapeake Energy (CHK) to stable from negative while affirming CHK's Ba2 corporate credit and Ba3 senior unsecured debt ratings. CHK should get a boost from reserve and production growth and debt reduction, the rating firm says, noting CHK's significant progress in reducing its capital spending, hedging its natural gas exposure and increasing its cash availability. 1 Comment [Energy]
Friday, May 31, 3:22 PM Chesapeake Energy (CHK -2%) is reinstated with a Neutral rating and $26 price target at Goldman Sachs, as the firm says favorable core positions in the Eagle Ford, Marcellus and Utica shales are offset by a funding gap that limits the pace of development. CHK may need to see larger-scale sales/separation of core acreage to receive market value/acre for key positions. 5 Comments [Energy, Quick Ideas, On the Move]
Wednesday, May 29, 5:15 PM BAML analysts lower their expectations for Brent crude prices on weakening demand in China and Europe, rising supplies and higher inventories - "a cocktail for lower prices." But demand this summer should rise, prompting the firm to suggest a list of six "stocks for the summer" to own: APC, OXY, MRO, PXD, DVN, CHK. 1 Comment [Energy, Quick Ideas]
Wednesday, May 29, 4:58 PM Chesapeake Energy (CHK) must face an Ohio lawsuit over allegations it underpaid gas royalties for years, an appeals court says in reinstating the case. An Ohio trial court dismissed the lawsuit in 2010 citing a state law that requires filing such claims within four years after the cause of action occurs, but the U.S. Court of Appeals in Cincinnati agrees with plaintiffs that the claims aren’t time-barred. Comment! [Energy]
Tuesday, May 28, 5:33 PM Oil production in Texas’ Eagle Ford shale formation rose 77% Y/Y in March, yielding more than 529K bbl/day and posting a record. The number could still go higher; February output was revised to 511K bbl/day from the preliminary report of 471K. EOG Resources (EOG) is the largest Eagle Ford leaseholder, with 639K net acres, followed by Chesapeake (CHK) and Apache (APA). 1 Comment [Energy]
Thursday, May 23, 6:26 PM New Chesapeake Energy (CHK) CEO Doug Lawler will make more than $22M in 2013 - a cash salary of $1.25M plus a signing bonus, stock awards and other perks - according to an SEC filing. Predecessor Aubrey McClendon's 2012 compensation package totaled $16.9M, with a $975K cash salary. 11 Comments [Energy]
Wednesday, May 22, 8:21 AM Chesapeake Energy (CHK) +1.7% premarket as Susquehanna upgrades the stock to Positive from Neutral, believing CHK should get a boost from both higher oil and gas prices and its new CEO. The firm boosts its valuations for CHK's oil and gas reserves, saying investors have become more comfortable with higher prices; asset sales so far have been of "mixed quality." Comment! [Energy, Quick Ideas, On the Move]
Monday, May 20, 12:40 PM Wall Street cheers Chesapeake's (CHK +4%) appointment of Doug Lawler as CEO as a vote of confidence in CHK after building a strong reputation at Anadarko (APC). While hopeful the move will improve capital discipline and allocation decisions, Tudor Pickering cautions it will be a steep wall to climb "given the balance sheet leverage and need to materially sell assets into a weak [acquisitions] market." 3 Comments [Energy, On the Move]
Monday, May 20, 5:15 AM Directors at Chesapeake Energy (CHK) recruit Anadarko (APC) senior VP of international and deep-water operations Robert Douglas Lawler to succeed Aubrey McClendon as CEO, WSJ says. Lawler, a seasoned industry veteran, will join CHK on June 17 and says he "looks forward to generating value for shareholders in the years ahead." Besides plugging a multi-billion dollar gap between the company's spending and cash flow, Lawler's greatest challenge might be dealing with McClendon, whose contractual well investment rights mean he will likely be a part of the picture at CHK even if he isn't at the helm. 4 Comments [Energy, Top Stories]
Thursday, May 16, 5:12 PM Bruce Berkowitz, whose Fairholme hedge fund looks for long-term value and has low turnover, must feel pretty confident about how things will shake out at Chesapeake (CHK), a rare energy holding. He took Q1's largest new position in the natural gas producer, worth more than $276M; the fund now owns a 2% stake in CHK after buying 13.4M shares. (13F) 2 Comments [Energy]

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