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February 26, 2014
10:38 EDTCHKChesapeake drops after earnings, says doesn't need to sell assets to survive
Shares of natural gas and oil explorer and producer Chesapeake Energy (CHK) are lower this morning after the company reported fourth quarter results that missed expectations. WHAT'S NEW: Chesapeake reported Q4 adjusted earnings per share of 27c and revenue of $4.54B, which fell short of analystsí consensus estimates of 41c and $4.86B, respectively. The company said daily production for the quarter averaged approximately 665,100 barrels of oil equivalent, an increase of 2% from the year-ago quarter and a 15% decrease from the third quarter. The company said the decrease was mainly due to a planned reduction in well connections during Q4, as well as severe weather that impacted production in October and December. WHAT'S NOTABLE: The company said its proved reserves at December 31, 2013 were 2.7 billion barrels of oil equivalent, up 2% from year-end 2012. The company also provided an update on its asset sales, stating that in 2014 it has received $209M of net proceeds from the sale of its common equity ownership interest in Chaparral Energy and believes it will receive proceeds in excess of $150M during 2014 that were held back for title review or other purposes at the time of closing. These items should generate proceeds of about $1B, and Chesapeake sees the sale of these assets having a minimal impact on 2014 operating cash flow guidance. Looking ahead, the company sees 2014 total production up 2%-4% and sees its 2014 daily equivalent rate at 680mboe-695mboe. The company expects to have additional asset dispositions in 2014, potentially including a spin-off of COS to Chesapeake shareholders or an outright sale. On its earnings conference call, the company said it no longer needs to divest assets to survive or fund its drilling capital program. Chesapeake also commented that it has "a lot of noise" on its balance sheet, though major charges and quarterly earnings adjustments are "in the rear-view mirror". The company has no plans to issue new equity, management said. PRICE ACTION: Chesapeake Energy shares are down $1.75, or 6.5%, to $25.19 in mid-morning trading.
News For CHK From The Last 14 Days
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March 24, 2015
15:09 EDTCHKChesapeake shares remain richly valued, says Raymond James
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09:22 EDTCHKOn The Fly: Pre-market Movers
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07:36 EDTCHKChesapeake volatility elevated into Icahn's increasing stake to 10.98%
Chesapeake March weekly call option implied volatility is at 48, April is at 44, July is at 47; compared to its 26-week average of 41 according to Track Data, suggesting large price movement into Carl Icahn disclosed an increased stake in the company to 73M shares (10.98%), up from 66M shares (9.98%) in December.
March 23, 2015
19:13 EDTCHKOn The Fly: After Hours Movers
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17:23 EDTCHKCarl Icahn reports 10.98% stake in Chesapeake
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16:35 EDTCHKChesapeake lowers FY15 CapEx view to $3.5B-$4B from $4B-$4.5B
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March 20, 2015
10:43 EDTCHKStocks with call strike movement; CHK FCX
Chesapeake (CHK) July 16 call option implied volatility increased 2% to 50, Freeport McMoRan (FCX) August 20 call option implied volatility decreased 6% to 47 according to IVolatility.
March 19, 2015
10:02 EDTCHKOn The Fly: Analyst Downgrade Summary
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09:20 EDTCHKOn The Fly: Pre-market Movers
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08:24 EDTCHKChesapeake downgraded at Sterne Agee
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06:20 EDTCHKChesapeake downgraded to Underperform from Neutral at Sterne Agee
March 17, 2015
10:00 EDTCHKOn The Fly: Analyst Downgrade Summary
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09:13 EDTCHKChesapeake downgraded to Sell from Neutral at Global Hunter

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