Chesapeake Energy balance sheet almost fully healed, Sterne Agee says

• Chesapeake Energy's (CHK +6.7%) balance sheet is "close to being fully healed," Sterne Agee analyst Tim Rezvan exults after CHK's strong Q3 results, reduced expenses and the $5.4B sale of western Marcellus acreage expected to close this quarter.
• CHK’s focus on expense reduction was evident quantitatively in terms of the lowest all-in unit expense number since Q3 2010, and qualitatively with sharply lower well costs across all core operating areas, according to Rezvan.
• The company's "mantra of operational efficiency is being reflected at the field level, and CEO Doug Lawler's push to drive costs down appears to have more room to run," Rezvan writes.