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Chesapeake Energy Corporation (CHK)

  • Jun. 27, 2012, 10:53 AM
    Low natural gas prices have forced many energy producers to rely on related fuels such as ethane, propane and butane to remain profitable, but so many companies have increased drilling of wells with natural gas liquids that those prices also are falling. Among firms most likely to feel the crunch because of their greater dependence on NGLs, Wells Fargo says: CHK, DVN, RRC, AREX.
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  • Jun. 25, 2012, 11:41 AM
    New allegations of bid-rigging could prove the final blow for Aubrey McClendon, and Chesapeake (CHK -8.2%) could be facing enormous legal headaches as the Justice Department recently has shown interest in prosecuting oil and gas collusion. A case earlier this year indicates the agency likely wouldn't be swayed by claims from CHK and Encana (ECA -5.1%) that they were looking to work on a JV.
  • Jun. 25, 2012, 9:55 AM
    Investors need to ask E&P companies: What's in your barrel? Ideally, lots of crude oil, Liam Denning writes; APA and APC look well placed among large-cap E&Ps, as crude accounted for more than 30% of their output last year. On the flip side, those most vulnerable by high weightings to natural gas, low oil exposure and no natural gas sales outside North America: DVN, CHK.
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  • Jun. 25, 2012, 9:41 AM
    Chesapeake (CHK -5.4%) opens trading as the S&P's biggest loser after a report of alleged bid rigging by CHK and Encana (ECA -3.2%), plus a story that J.P. Morgan declined to do loan business with CHK for more than 10 years because of credit quality, while Goldman Sachs took the business.
  • Jun. 25, 2012, 8:18 AM
    Reuters unearths the newest potential skeleton at Chesapeake (CHK), reporting Aubrey McClendon directed a plot with Encana (ECA) to suppress land prices in several prospective land deals in Michigan. Emails reviewed by Reuters could provide evidence the two companies violated federal and state laws. CHK -2.6% premarket.
  • Jun. 21, 2012, 3:29 PM
    Depressed shares of Chesapeake Energy (CHK -4.2%) are worth more than $50 apiece and will eventually top $100, the head of top CHK shareholder Southeastern Asset Management says, adding that the company is on track to sell assets and create a "pristine" balance sheet.
  • Jun. 21, 2012, 12:31 PM
    Adding former Conoco boss Archie Dunham as chairman brings another M&A master to Chesapeake's (CHK -3%) lineup, and begs the question of whether a larger deal is in the offing. The five new board members bump up the board's average age, prompting conjecture that directors who aren't going to stick around might be more receptive to selling the company.
  • Jun. 21, 2012, 9:14 AM
    Chesapeake (CHK) names Archie Dunham, former ConocoPhillips chairman and CEO, as its new independent non-executive chairman. The board also appoints four other new independent directors, three proposed by Southeastern Asset Management and one by Carl Icahn. Aubrey McClendon is no longer chairman but remains a director and will continue as CHK's CEO and President.
  • Jun. 20, 2012, 8:56 AM
    Chesapeake Energy (CHK) +1.6% premarket, perhaps attributable to a Financial Times story suggesting Sinopec (SNP) may be interested in bidding for billions of dollars worth of assets owned by CHK. SNP CEO Fu Chengyu was in Oklahoma this week in connection with the company’s due diligence on the CHK assets, FT reports.
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  • Jun. 19, 2012, 2:18 PM
    Chesapeake (CHK +5.6%) says it will cut 8% of its workforce at its prolific Barnett shale field in Texas as drilling slows, and will entertain offers on its Fort Worth office tower that it bought for $100M in 2008. CHK has pledged to sell up to $11.5B in assets this year to fill a projected $4B-$5B shortfall.
  • Jun. 18, 2012, 5:42 PM
    Vincent Intrieri, senior managing director for Carl Icahn, has been named to join Chesapeake's (CHK) board, CNBC reports. A new chairman in addition to other directors will be named by Friday.
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  • Jun. 14, 2012, 2:47 PM
    Chesapeake (CHK) agrees to let more than 4,400 New York landowners renegotiate old gas leases for more favorable financial and environmental terms, the state's AG says. CHK had tried to extend the leases in 2009, claiming the state's de facto moratorium on shale gas development constituted an uncontrollable event that allowed for a lease extension.
  • Jun. 14, 2012, 10:49 AM
    Natural gas (UNG +6.4%) prices surge after the EIA reports U.S. natural gas stocks rose by 67B cubic ft., below the 71B-75B cubic ft. increase analysts had expected. Working stocks of natural gas totaled 2.94T cubic ft., up 708B cubic ft. Y/Y and 666B cubic ft. higher than the five-year average. XOM +0.7%, CHK +1.5%, EOG +1.5%, SWN +1.6%, COG +2.2%.
  • Jun. 13, 2012, 2:59 PM
    Chesapeake (CHK -2.9%) is cut to Market Perform at Sanford Bernstein, which expects low natural gas prices to continue to pressure shares and Q2 earnings as "potentially a headwind to the stock." Bernstein sees value elsewhere with EOG Resources (EOG), Noble Energy (NBL) and Apache (APA).
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  • Jun. 13, 2012, 12:13 PM
    Aubrey McClendon may be losing his title of chairman, but he seems poised to keep his powers: Reuters reports the Chesapeake (CHK -2.5%) board has changed the bylaws to allow the CEO to keep powers he held as Chairman. McClendon and the still-unnamed chairman each will be able to call special meetings of shareholders and the board, leaving governance types scratching their heads.
  • Jun. 12, 2012, 3:20 PM
    T. Boone Pickens admits he's moved money out of Chesapeake (CHK -1%), but he's still a fan of the company and Aubrey McClendon: "The board has changed - things will clear up... You get nat gas a few dollars higher, Aubrey will be a home run hitter again." But right now in energy, Pickens likes CLR and PXD, noting oil supply remains tight and prices should hold or rise in coming months.
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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.