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Stock Market & Financial Investment News

News Breaks
April 22, 2012
12:55 EDTCHKChesapeake issues statement in response to recent media reports
Chesapeake Energy Corporation General Counsel Henry J. Hood issued the following statement in response to recently published media reports: “The Founders Well Participation Program, FWPP. has been in place since the company’s founding and was reapproved by shareholders by a wide margin in 2005. The terms and procedures for the program are clear and detailed in every proxy for all shareholders to see. Mr. McClendon’s interests and Chesapeake’s are completely aligned. In addition, there are numerous third-party participants in the company’s wells, including some of the largest energy companies in the world, that monitor the actions of the company through a number of processes, including well audits, reporting, governmental filings and hearings, participation in development plans and marketing of production. The suggestion of any conflicts of interest is unfounded.” Hood also added, “The Board of Directors is fully aware of the existence of Mr. McClendon’s financing transactions and the fact that these occur is disclosed in the proxy. Additionally, the total amount of his cost obligations and revenue attributable to the FWPP for each year are detailed in the proxy. The FWPP fully aligns the interests of Mr. McClendon with the company and the Board of Directors supports this program as does the majority of its shareholders.”
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July 29, 2014
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 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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