Energy Companies

Chesapeake Energy posted its monthly investor PowerPoint slide presentation on its website Tuesday morning. Slide number two in the presentation got a fair amount of attention from the media, who pays attention to these presentations. That slide blames an “unprecedented negative media campaign” for the steep drop in Chesapeake’s stock price over the past month or so. An attack which another bullet point on slide two says has failed.

Funny thing—the original PowerPoint was pulled within a few hours of being posted and a new version uploaded with a different slide two—nothing to do with negative press. However, MDN has the original version (embedded below).

Read More “Chesapeake’s Missing Slide Blames Media Attacks”

Two days ago MDN reported that New York City Comptroller John Liu had written an open letter to Chesapeake Energy shareholders encouraging them to vote down the re-election of two board members (see this MDN story). Chesapeake has now responded, strongly, to Liu’s letter with a letter of their own.

From a Chesapeake press release:

Read More “Chesapeake Responds to NYC Comptroller on Board Election”

New York City Comptroller John Liu wrote a letter to Chesapeake Energy shareholders encouraging them to vote “no” on the re-election of two members to the board of directors. Why does it matter what the New York City Comptroller thinks? Because New York City owns 1.9 million shares of Chesapeake stock—not an insignificant amount.

Read More “NYC Comptroller Opposes 2 Chesapeake Board Members”

Chesapeake Energy is still battling a tidal wave of negative press in a bid to prop up the stock price and prevent a “significant liquidity event” (i.e., being forced to sell the company). Their latest move is to reduce reduce the pay of board members and take away their private airplane rights. Still, board members get $350K per year, even after the 20 percent reduction.

From the Chesapeake press release:

Read More “Chesapeake Reduces Board Compensation, Nips Private Jets”

Chesapeake Energy stockholders have seen the stock slide 44 percent in the past six months. Chesapeake’s largest outside investor, Southeastern Asset Management, recently encouraged the board to sell the company (see this MDN story). But who would buy?

A wide-ranging article in yesterday’s Financial Times about Chesapeake tosses out the names of a few companies that would be the likely buyers if Chesapeake were sold.

Read More “FT Names Potential Chesapeake Energy Buyers”