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Chesapeake Energy Corporation (CHK)

  • 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.
  • Jun. 12, 2012, 10:21 AM
    Chesapeake Energy's (CHK -0.5%) target is raised to $28 from $26 at Canaccord, which says CHK's midstream divestitures put it in a strong position to meet its debt covenants and potentially hit its sales target of $9.5B this year. The firm sees CHK’s net debt slipping to $14.7B from ~$18.5B at the start of the year.
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  • Jun. 8, 2012, 6:15 PM
    Analysts are divided on Chesapeake's (CHK) plan to sell its midstream assets for ~$4B. The deals will help CHK by "bringing cash in the door [and] lowering capital commitments," but the price is steep, ISI says, figuring CHK will forgo annual cash flow of ~$195M plus various fees; they're "rob-Peter-to-pay-Paul transactions that are effectively financings."
  • Jun. 8, 2012, 3:17 PM
    After a sweeping rebuke representing "total collapse of investor confidence" in Chesapeake's (CHK +3%) board - shareholders rejected two directors up for re-election and only 20% approved CEO compensation - is Aubrey McClendon's ouster next? Two-thirds of CHK’s board could be new appointees by July 1, and McClendon won’t have hand-picked any of them.
  • Jun. 8, 2012, 11:42 AM
    Coming from the Chesapeake (CHK +1.2%) annual meeting: 63% of shareholders vote against incumbent directors V. Burns Hargis and Richard Davidson. 53% vote in favor of a resolution to reincorporate the company in Delaware, which would allow annual director elections.
  • Jun. 8, 2012, 8:19 AM
    Following the purchase of Chesapeake Energy's (CHK) interests, Chesapeake Midstream Partners (CHKM) affirms EBITA guidance for FY 2012 of $475M with expansion capital expenditures of $660M and maintenance capital expenditures of $74M. CHKM +2.5% premarket.
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  • Jun. 8, 2012, 8:09 AM
    Chesapeake Energy (CHK) confirms it plans to sell its assets in Chesapeake Midstream Partners (CHKM) to Global Infrastructure Partners in three separate transactions for expected cash proceeds of more than $4B. CHK says the midstream divestitures will enable it to reduce previously budgeted capex by ~$3B over the next three years. CHK +2.5% premarket.
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  • Jun. 7, 2012, 8:18 PM
    Chesapeake Energy (CHK) plans to sell roughly 450K acres in northern Michigan in order to raise cash to fund an expected $9B - $10B shortfall. Bids for the assets are due on June 29.
  • Jun. 7, 2012, 11:54 AM
    The two Chesapeake (CHK -0.2%) directors up for re-election at tomorrow's annual meeting appear headed for defeat, WSJ reports. Burns Hargis and Richard Davidson are running unopposed but would have to offer their resignations if they receive less than a majority of votes cast, under a new rule the company says it will adopt.
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  • Jun. 7, 2012, 9:05 AM
    A federal judge yesterday denied a shareholder request to postpone Chesapeake's (CHK) annual meeting, clearing the way for the meeting Friday as scheduled. The judge ruled shareholders had not proven they would suffer irreparable injury if the injunction was denied and would still have adequate legal remedies if the annual meeting is held.
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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.