Chesapeake Using $1B from Southwestern Deal to Buy Back Stock

A press release issued yesterday by Chesapeake Energy caught our interest. Chessy announced the closing of the deal we first announced back in October–a deal to sell some 413,000 Marcellus/Utica acres plus 435 already-drilled wells on that acreage to Southwestern Energy for $5.375 billion (see Chesapeake Sells Close to 25% of Marcellus/Utica Operation). Yesterday’s announcement says the deal is now done (see our related story today about Southwestern and Statoil), and that Chessy will use some of that money to buy back $1 billion worth of common stock, an effort to boost the company’s stock price. What’s interesting to us, aside from trying to make Carl Icahn’s stocks worth more, is how the details of the deal with Southwestern changed from October to now…

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