Chesapeake Energy Jan 2014 IR Update Focuses on Utica/Marcellus

Corporate raider Carl Icahn will be happy. Chesapeake Energy, the company where Icahn pulls all the strings, released an investor’s report (IR) on Jan. 2 that shows capital expenses year over year have dropped an astonishing 48%, thanks to Doug Lawler (Icahn’s toady) firing 1,200 Chesapeake employees in 2013 (see The Great Chesapeake Massacre: Lawler Fires 800 People in One Day). The company reports net income for 2013 is forecast to be up 150%, and profits will be up 33%. However, overall production for the company is only up a minuscule 3%, largely because Chesapeake sold off so many assets in order to “right” the financial ship–or so they say.

Below is a good analysis of the Jan. 2 IR by a Seeking Alpha contributor, along with a copy of the Jan. 2 IR (embedded below). Interesting to MDN: Although the Chesapeake report contains a map showing 10 shale plays where Chesapeake remains active (slide #5), management chose to highlight just three of those 10 plays by providing detailed information in the Jan 2 report. Two of the three are the Utica and Marcellus (slides #14 & #15)…

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