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Chesapeake Energy Corporation (CHK)

  • Jul. 20, 2012, 2:25 PM
    Chesapeake Energy (CHK -6.5%) is sliding on heavy volume. Reuters reports the SEC's Texas office has been demanding documents from Chesapeake as part of the agency's probe into the company's deals with CEO Aubrey McClendon. Meanwhile, Baker Hughes (BHI +9.4% - previous) reports the rig count for U.S. natural gas wells has fallen to 518 thanks to weak prices. That figure is down 45% from October's high, and represents a 13-year low.
    | Jul. 20, 2012, 2:25 PM | 10 Comments
  • Jul. 18, 2012, 3:40 PM
    Chesapeake Energy's (CHK -0.1%) largest shareholder declares the company's leadership controversy "moot" and praises its revamped board as "one of the best and most vested independent boards we have seen." On Aubrey McClendon, Southeastern Asset "arrived at a different conclusion than the image currently portrayed by short sellers and much of the media."
    | Jul. 18, 2012, 3:40 PM | 13 Comments
  • Jul. 17, 2012, 8:27 AM
    Chesapeake Energy (CHK) boasts employee benefits from Botox injections to NBA tickets, but here's a most unusual perk: ~12% of its workforce could enjoy a windfall if control of the company changes. For some employees, that means cash payments of 50% of salary plus 50% of their latest annual bonus. Some are asking whether recent board changes already have triggered the provision.
    | Jul. 17, 2012, 8:27 AM | 7 Comments
  • Jul. 16, 2012, 5:47 AM
    Chesapeake (CHK) is pushing Ohio landowners to accept revised lease contracts. The cash-strapped company has spent around $2B to lease the mineral rights to more than 1M acres in a bet Ohio's Utica Shale fields will become a major oil producer, but under its current lease it must drill wells costing millions of dollars apiece or give up rights to the property.
    | Jul. 16, 2012, 5:47 AM | 35 Comments
  • Jul. 12, 2012, 10:55 AM
    Natural gas plunges following the small add in inventories last week despite cooling degree days being 50% higher than normal. UNG -3.3%. Producers: APA -2.7%, CHK -3.7%, APC -2.8%.
    | Jul. 12, 2012, 10:55 AM | 15 Comments
  • Jul. 11, 2012, 1:55 PM
    Chesapeake Energy (CHK) plans an appeal after a federal judge rules it must pay $100M to Texas leaseholders after backing out of an agreement to purchase mineral rights from them in 2008. The company faces similar suits in Michigan and Pennsylvania (as well as more in Texas). (see also)
    | Jul. 11, 2012, 1:55 PM | 1 Comment
  • Jul. 11, 2012, 11:27 AM
    Emails suggest top brass of Chesapeake and Encana (ECA) shared sensitive information, giving CHK execs the upper hand in deals with Michigan landowners, reports Reuters. After learning Encana was pulling back, Aubrey McClendon ordered his people to renegotiate or delay closing on at least 10 major deals. The DOJ and others are having their own look.
    | Jul. 11, 2012, 11:27 AM | 6 Comments
  • Jul. 6, 2012, 4:49 PM
    While natural gas futures sold off today (like many other commodities), Henry Hub gas spot prices rose 1%. That helped some natural gas names rally on a down day. CHK +2%. APL +1.8%. OKS +1.2%. EROC +1.2%.
    | Jul. 6, 2012, 4:49 PM | 4 Comments
  • Jul. 3, 2012, 12:47 PM
    Chesapeake (CHK +3%) attracts a new activist, as CHK reportedly is now the fourth largest position held by the Third Point hedge fund. But while Carl Icahn has been quietly acting behind the scenes and voices respect for Aubrey McClendon, Dan Loeb may not be as nice.
    | Jul. 3, 2012, 12:47 PM | 1 Comment
  • Jul. 3, 2012, 9:48 AM
    Carl Icahn tells CNBC that natural gas prices will rebound, and Chesapeake (CHK +1.1%) is poised to benefit: "Aubrey [McClendon] is a very bright guy and he's put a lot of great assets together... Now they have to cut expenses, but I think they can." On CHK's board shakeup, which he helped to instigate: "The shareholders control the company now."
    | Jul. 3, 2012, 9:48 AM | 7 Comments
  • Jul. 2, 2012, 5:15 PM
    Two directors are betting with their own money that Chesapeake (CHK) is on the rebound. Merrill Miller Jr. bought $498K of stock last week, and newly appointed Brad Martin purchased $355K, the first time two insiders have bought CHK during the same week since last August.
    | Jul. 2, 2012, 5:15 PM | 5 Comments
  • Jul. 2, 2012, 3:33 PM
    The Justice Department reportedly is probing Chesapeake (CHK) and Encana (ECA) for possible collusion after a Reuters investigation showed top brass at the two rivals plotted to avoid bidding against each other in Michigan land deals. The state's AG office and Department of Natural Resources also are believed to be looking into the allegations.
    | Jul. 2, 2012, 3:33 PM | 20 Comments
  • Jul. 2, 2012, 11:32 AM
    Chesapeake (CHK) has earned $5.5B pretax since its founding 23 years ago, and has paid income taxes on less than 1% of it. CHK and other U.S. oil and gas producers can thank a century-old rule that allows them to postpone income taxes in recognition of the risk of drilling wells that may turn out to be dry - a break that may be outdated, as oil or gas was struck in 99.6% of wells last year.
    | Jul. 2, 2012, 11:32 AM | 4 Comments
  • Jun. 27, 2012, 6:25 PM
    Encana (ECA) has been expanding in the burgeoning Collingwood oil shale exploration region in Michigan that Chesapeake (CHK) had recently abandoned and has emerged in a possible bid-rigging controversy, Bloomberg reports. ECA says it has seen “positive drilling results” in Michigan and plans to drill five to seven new wells there this year.
    | Jun. 27, 2012, 6:25 PM | Comment!
  • 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.
    | Jun. 27, 2012, 10:53 AM | 1 Comment
  • 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, 11:41 AM | 9 Comments
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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.