Chesapeake Stock Jumps After McClendon Earnings Call
Investors were positively giddy after Chesapeake Energy’s CEO, Aubrey McClendon, said on an earnings call yesterday that the company plans to sell three Permian Basin packages in the third quarter, which he expects to bring in another $7 billion. McClendon’s new expected total haul from asset sales for 2012 is $13-$14 billion. That sent stocks more than 10% higher (up $1.67 to $19.37), making corporate raider Carl Icahn a whole lot richer. Oh sorry! Forgot. We don’t call him a corporate raider nowadays, we euphemistically call him an “activist investor.” Yeah, got my PC hat on now. Won’t slip up again.
But is it all peaches and cream now for Chesapeake?