Chesapeake Announces $1B Stock Buyback Over Next 24 Months

Chesapeake Energy lost $345 million during 3Q21, which was better than the $745 million net loss in 3Q20 (see Chesapeake 3Q: Upper Marcellus is “Star Performer”). However, the company also reported an adjusted net income of positive $269 million. Accounting machinations. The company is doing well enough financially that yesterday the Chesapeake board of directors authorized management to buy back up to $1 billion worth of company stock and warrants over the next two years, as market conditions permit.

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