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Chesapeake Energy Corporation

5/19/2013, 5:21 PM ET

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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]
Thursday, May 16, 3:45 PM Oil production from Ohio's Utica shale was lower in 2012 than first anticipated but will be "incidental" to gas output in much of the play, Ohio regulators say. Oil production averaged 1,742 bbl/day, while gas totaled 35M cf/day. Chesapeake (CHK) was by far the largest producer, with total 2012 output of 10B cf of gas, followed by Hess (HES) and Gulfport (GPOR); Devon Energy (DVN) produced no gas from its five wells. 1 Comment [Energy]
Thursday, May 16, 10:47 AM Chesapeake Energy (CHK -2.6%) is downgraded to Neutral from Overweight at J.P. Morgan, which cites valuation, a lack of visible catalysts and a "perpetual funding gap" that could total $9.3B by 2015. The firm believes planned asset sales will help CHK fund its cash outspend in 2013 but will need to take on debt in 2014-15. Comment! [Energy, Quick Ideas, On the Move]
Monday, May 13, 8:53 AM BNY Mellon (BK) is appealing last week's ruling allowing Chesapeake Energy (CHK) to proceed with redeeming $1.3B in bonds six years early and save CHK ~$100M in interest payments through lower rates. In court hearings before the trial, neither party could explain to the judge how an appeal might work, since the early redemption has already been put in motion and is scheduled to be executed today. 2 Comments [Energy]
Wednesday, May 8, 4:25 PM Mark West Energy (MWE) agrees to acquire Anadarko Basin Granite Wash midstream assets from Chesapeake Energy (CHK) for $245M. In conjunction with the acquisition, MWE has executed long-term, fee-based agreements with CHK for gas gathering, compression, treating and processing services. Comment! [Energy]
Wednesday, May 8, 9:44 AM Chesapeake Energy (CHK +0.9%) wins its trial over its early call of $1.3B in bonds after a judge ruled against the notes' trustee, Bank of New York Mellon (BK). CHK sued BNY Mellon in March after the bank challenged its bid to redeem the 6.775% notes six years early and refinance the debt, a plan that will save CHK ~$100M in interest payments because of lower rates. Comment! [Energy]
Friday, May 3, 4:58 PM Top shareholder Southeastern Asset Management wields its influence at Chesapeake (CHK), placing Thomas Ryan, CEO of Service Corp. International (SCI), on the energy company's board. Director Louis Simpson is resigning after serving since 2011. Ryan will stand for election at the June 14 board meeting. 13 Comments [Energy]
Friday, May 3, 10:19 AM EQT Corp. (EQT +1.9%) agrees to buy ~99K net acres in western Pennsylvania and 10 horizontal Marcellus wells from Chesapeake Energy (CHK +1%) for ~$113M, marking CHK's third announced asset sale this week. Three of the 10 wells are producing, EQT says the remaining seven will be turned in line by year-end 2013, adding ~1B cfe of sales volume. Comment! [Energy, On the Move]
Wednesday, May 1, 12:38 PM The ink was barely dry on Chesapeake's (CHK -2.1%) better-than-expected earnings report before worries resurface about its liquidity position and slow progress on its asset-sale program. In its conference call, CHK said its 2013 funding gap stands at $3.5B, barely halfway through its $7B asset-sale target. Concerns are exacerbated by supposedly receiving low prices for the assets. 2 Comments [Energy, On the Move]
Wednesday, May 1, 8:15 AM SemGroup (SEMG) agrees to acquire Mississippi Lime midstream assets from Chesapeake Energy (CHK) for $300M. SEMG says the deal will lift its total processing capacity to 600M cf/day in Oklahoma and with ~655K net acre dedications within the core of the Mississippi Lime play. Completion of two cryogenic processing plants will require ~$125M in capex. Comment! [Energy, M&A]
Wednesday, May 1, 7:50 AM More on Chesapeake's (CHK) Q1 results: Total production rose to 4B cfe/day, +9% Y/Y. Says it has closed or signed ~$2B of asset sales YTD, expects to close previously announced Mississippi Lime JV transaction with Sinopec before end of Q2 and to sign agreements selling northern Eagle Ford assets in Q2. Projects FY 2013 production expenses of $0.85-$0.90/mcfe for the year, down $0.05 vs. prior guidance. Shares +3.9% premarket. Comment! [Energy, Earnings, On the Move]
Wednesday, May 1, 7:04 AM Chesapeake Energy (CHK): Q1 EPS of $0.30 beats by $0.05. Revenue of $3.42B beats by $0.57B. (PR) 1 Comment [Earnings, Breaking News]
Wednesday, May 1, 12:05 AM Notable earnings before Wednesday’ s open: AB, ADT, AFAM, AFSI, AGN, AH, AMT, ARW, AVA, CCJ, CHK, CLH, CLX, CMCSA, CVH, CVS, DLPH, DVN, ENR, EXAS, EXC,GRMN, GWR, H, HSP, HUM, ICE, IPGP, IQNT, IRM, JRCC, KCG, KFN, MA, MKL, MRK, NVO, PDCE, PKD, POR, PSX, RDC, RDN, SEE, SPW, TLM, TWX, VG, VIAB, VPHM Comment! [Earnings]
Tuesday, April 30, 5:30 PM Notable earnings before Wednesday’ s open: AB, ADT, AFAM, AFSI, AGN, AH, AMT, ARW, AVA, CCJ, CHK, CLH, CLX, CMCSA, CVH, CVS, DLPH, DVN, ENR, EXAS, EXC,GRMN, GWR, H, HSP, HUM, ICE, IPGP, IQNT, IRM, JRCC, KCG, KFN, MA, MKL, MRK, NVO, PDCE, PKD, POR, PSX, RDC, RDN, SEE, SPW, TLM, TWX, VG, VIAB, VPHM Comment! [Earnings]
Tuesday, April 30, 11:19 AM Chesapeake Energy (CHK), moving forward from controversies and focusing on its core natural gas business, leads the list of U.S. oil and gas E&P stocks Jefferies thinks will exceed Wall Street earnings estimates. The firm's other top energy picks: CLR, DVN, EOG, GPOR, MTDR, OAS, PVA, SFY. 1 Comment [Energy, Quick Ideas]
Monday, April 29, 10:20 AM Southwestern Energy (SWN +4.2%) agrees to buy 162K net acres of natural gas properties in Pennsylvania's Marcellus Shale from Chesapeake Energy (CHK -0.3%) for ~$93M. Current net production from the properties is ~2M cfe/day from 17 gross wells; when the deal closes, SWN will possess ~337K net Marcellus acres. Comment! [Energy, On the Move]

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