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Stock Market & Financial Investment News

News Breaks
February 6, 2014
07:14 EDTCHKChesapeake announcse 2014 absolute production growth target of 2%-4%
Chesapeake Energy Corporation announced details of its 2014 Outlook and capital program. Chesapeake is budgeting total capital expenditures in the range of $5.2B-$5.6B in 2014, which represents a 20% reduction from the midpoint of Chesapeake’s 2013 capital expenditure Outlook range. After adjusting for 2013 asset sales, the company expects to generate 8 – 10% year-over-year production growth in 2014, consisting of 8 – 12% oil production growth, 44 – 49% natural gas liquids production growth and 4 – 6% natural gas production growth. On an absolute basis, Chesapeake is targeting 2014 production growth of 2 – 4%, which implies an average daily production rate of 680 – 695 thousand barrels of oil equivalent. Chesapeake plans to spud approximately 1,100 gross operated wells in 2014, which is relatively unchanged from 2013 activity levels. The company plans to connect approximately 1,300 gross operated wells to sales in 2014, or approximately 115 fewer wells than in 2013. As a result of ongoing cost control initiatives, Chesapeake anticipates lower per-unit production and general and administrative expenses in 2014. Production expenses are expected to range from $4.25 – $4.75 per barrel of oil equivalent, down approximately 10% year over year from the midpoint of Chesapeake’s 2013 production expense Outlook range. G&A expenses are estimated to be $1.35 – $1.60 per boe, down approximately 25% year over year from the midpoint of Chesapeake’s 2013 G&A expense Outlook range.
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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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