Columbiana County, OH received four new drilling permits last week from the Ohio Department of Natural Resources (ODNR). Three of the permits went to Chesapeake Energy. So far, Columbiana County has received permits to drill 32 horizontal wells in the Utica Shale.
Yesterday, the largest outside shareholder of Chesapeake Energy stock (with 13.6 percent)—Southeastern Asset Management—sent a letter to CEO Aubrey McClendon and the board of directors with a loud and clear message: “We urge the board to be open to any offers to acquire the whole company.” Ouch. Not exactly a ringing endorsement. The letter also [...]
MarkWest has been in the news a lot lately, signing a raft of new agreements and even buying out a competitor. Last Friday, MarkWest announced they had signed an agreement (terms not disclosed) to expand MarkWest’s processing capacity in the Marcellus Shale to handle more Chesapeake production. The areas covered by the agreement include northern [...]
Analysts are predicting that Chesapeake Energy and its stock price is poised for a bounce-back, if CEO Aubrey McClendon follows through on promises to sell certain company assets and reduce the company’s debt load. So says an article from Bloomberg BusinessWeek on Friday:
The sharks continue to circle around Chesapeake Energy. Yesterday, the company confirmed via a brief press announcement (below) that the Securities and Exchange Commission (SEC) has launched an informal investigation into the company and its founder/CEO Aubrey McClendan. The Chesapeake announcement:
MarkWest announced today two major new agreements to provide expanded natural gas processing and pipeline capacity for Chesapeake Energy and Antero Resouces in the Marcellus Shale. The deal with Chesapeake covers Brooke, Ohio and Marshall counties in WV, and Washington County, PA. The deal with Antero covers Doddridge and Harrison counties in WV. The new [...]
Yesterday was not a good day for Chesapeake Energy and its CEO Aubrey McClendon. By the end of the day, Chesapeake’s stock had slide to its lowest since September 2009, down 15 percent at $16.72 (see chart below). Why the drop? A number of reasons, but mostly because of a new revelation, “the other shoe [...]
The Brooke County, WV Board of Education on Monday approved a lease deal with Chesapeake Energy that will allow natural gas drilling beneath school-owned property. The deal allows Chesapeake to drill under any of the school’s collective 189 acres, which is scattered throughout the county at different locations. The signing bonus is $3,500 per acre [...]
In January 2012, Chesapeake Energy announced they would curtail (reduce) their natural gas production by 1/2 billion cubic feet (bcf) per day. In February, they announced they would double it to 1 bcf per day (see this MDN story). Other energy companies also announced they would cut production, all in an attempt to reduce supply [...]
Still reeling from a press pounding, the Chesapeake Energy board of directors today announced that they and CEO Aubrey McClendon will end the Founders Well Participation Program (FWPP) early—on June 30, 2014 (18 months before it was due to end). The program grants McClendon the right to up to 2.5 percent ownership in each well [...]
A little good news for Chesapeake Energy. Chesapeake’s stock opened at $18.05 yesterday, and closed at $18.44, a 2.2 percent boost. The price remains significantly down from the over $35 per share price it had been trading it within the past year, but still, a movement up is a good thing. If you’ve been reading [...]
New York State Comptroller Thomas DiNapoli, who is anti-drilling, “scolded” Chesapeake last week (according to the headlines) over the program that allows CEO Aubrey McClendon to participate in every well drilled by the company, with up to 2.5 percent ownership in each well. Although DiNapoli released a press statement to his favored mainstream media (MSM) [...]
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