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Stock Market & Financial Investment News

News Breaks
May 12, 2014
08:37 EDTACMP, EVEP, CHKAccess Midstream announces UEO expansion
Access Midstream (ACMP) announced an expansion of the Utica East Ohio midstream service complex in eastern Ohio. The expansion will increase UEO's nameplate capacity to 1B cubic feet per day and allows for a processing capacity of over 1.1 bcf/d. UEO is a joint venture owned 49% by Access Midstream, 30% by M3 Midstream LLC and 21% by EV Energy Partners (EVEP). Additional capacity is needed to meet new commitments from existing customers Chesapeake Energy Corporation (CHK), Total Gas & Power North America, Enervest and new customer, American Energy, Utica, an affiliate of American Energy Partners. These new commitments are expected to increase UEO’s ultimate throughput by 70% over existing commitment levels.
News For ACMP;EVEP;CHK From The Last 14 Days
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August 1, 2014
07:30 EDTCHKU.S. oil and gas companies paying less in taxes amid shale boom, WSJ says
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July 30, 2014
16:44 EDTACMPWilliams reports Q2 adjusted EPS 23c, consensus 23c
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July 29, 2014
16:52 EDTACMPAccess Midstream reports Q2 EPS 18c, consensus 30c
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15:53 EDTACMPNotable companies reporting after market close
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10:03 EDTCHKChesapeake PRB swap, Utica buyback positive, says Wells Fargo
Wells Fargo views the Powder River Basin asset swap that Chesapeake executed and its plans to repurchase preferred shares of its Utica subsidiary as positives for the company, as the swap provides it with a more concentrated, high-quality acreage position and the repurchase simplifies its capital structure. However, the firm noted that the company's Q2 pricing update brings down its EPS estimate for the quarter by 4c. Wells maintains its Market Perform rating on the stock.
08:18 EDTCHKChesapeake sees Q2 realized NGL price ex-items $21.03 per barrel
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08:12 EDTCHKChesapeake agrees to repurchase all outstanding preferred shares of CHK Utica
Chesapeake also announced that it has agreed in principle to repurchase all of the outstanding preferred shares of its unrestricted subsidiary, CHK Utica from third-party preferred shareholders. Under the agreement, Chesapeake will pay approximately $1.26B to repurchase 1,060,000 preferred shares of CHK Utica. The proposed transaction, which is expected to close today, will retire Chesapeake’s highest cost leverage instrument and eliminate approximately $75M in annual cash dividend payments to third-party preferred shareholders. Chesapeake plans to fund the cash portion of the RKI acreage exchange and the repurchase of the CHK Utica preferred shares with available liquidity, including nearly $1.5B of unrestricted cash held on its balance sheet as of June 30. Chesapeake continues to refine its portfolio to focus on assets that best align with the company’s strategy of profitable growth from captured resources and expects to close additional sales of noncore assets, including non-E&P assets, by the end of 2014.
08:11 EDTCHKChesapeake announces exchange agreement with RKI Exploration
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July 28, 2014
09:01 EDTACMPAccess Midstream ubcreases Q2 distribution to 59.5c per share
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July 20, 2014
11:58 EDTCHKCaterpillar, five others should benefit from global recovery, Barron's says
Caterpillar (CAT), Teradata (TDC), Kennametal (KMT), Capital One Financial (COF), T. Rowe Price Group (TROW), and Chesapeake Energy (CHK) are all relatively cheap and should benefit from global recovery, Barron's contends in its cover article. Reference Link

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