Chesapeake Energy lost more than $1 billion in stock-market value in 46 minutes of trading on Friday after the company disclosed it might be forced to delay plans to sell assets to fund its operations this year.
Chesapeake Energy Corp reported quarterly profit that exceeded Wall Street expectations on Wednesday, as the U.S. oil and gas company produced more crude oil from shale basins like the Eagle Ford in Texas and expenses fell.
Chesapeake, under the direction of a board handpicked by its largest investors and interim Chief Executive Steve Dixon, is focused on drilling its best properties and increasing output of more profitable crude oil while lowering spending.
Chesapeake Energy Corp. Chief Executive Officer Aubrey McClendon will resign from the company he built into the second-largest U.S. natural gas producer after scrutiny of his personal finances and a corporate cash crunch erased as much as 43% of its market value last year.
By Sarfaraz A. Khan:The U.S natural gas giant Chesapeake Energy (CHK) has been offloading its assets to pump up its balance sheet. The company has been struggling due to the weak natural gas pricing environment, a mounting pile of debt -- which stood at $12 billion by the end of last year -- and some serious management problems, coming largely from the former CEO Aubrey McClendon.
The stock price of his energy company is down nearly 30%. The board stripped him of his chairmanship amid scandal. Today, his estimated billion-dollar personal fortune has shrunk by more than half.
Aubrey McClendon, 53, endured a trying year running the second-largest natural gas producer in the United States, Chesapeake Energy Corp. But as corporate, state and federal probes into McClendon and the company continue, 2013 isn’t looking much easier.
Chesapeake Energy Corporation (CHK) announced the initial public offering (IPO) of its oil and gas assets in western Oklahoma at $19.00 per common unit. The company plans to sell 20 million units.
[AP] - Chesapeake Energy Corp. says it will sell all of its Fayetteville Shale assets and investments in two companies. Chesapeake says it hopes to bring in more than $5 billion from the sales and will use the proceeds to reduce its debt.