shale revolution, Chesapeake Energy (CHK). Or at least that’s the message coming from a pioneer of the U.S. Forget oil-the real money is in natural gas.
Chk stock message board full#
ĭetails of the restructuring, the securities issued pursuant to the plan, and the debt and other agreements entered into as part of the Plan will be provided in a Form 8-K, which can be viewed on the company’s website or the Securities and Exchange Commission’s website at Court filings and other information related to the restructuring will continue to be available on the company’s website at and the full court docket for the company’s restructuring proceedings can be found at. Additional information about our strategy and 2021 outlook may be found on the company’s website at. The company’s planned capital expenditures for 2021 includes operating an average of six rigs and two stimulation crews with an estimated spend of approximately $700 million. 9, Chesapeake’s principal amount of debt outstanding was approximately $1.27 billion, compared to $9.09 billion as of June 30, 2020.Ĭhesapeake’s average daily production for the 2020 fourth quarter was approximately 435,000 barrels of oil equivalent (boe), and it projects its full year 2021 average daily production to be approximately 427,000 boe.
“The new board of directors and I look forward to working with Doug and the entire Chesapeake team to build an enduring enterprise which creates sustainable value for our stakeholders by efficiently producing low-cost energy under the strictest environmental, social, and governance standards,” said Wichterich.Īs of Feb. Biographies for the new board members can be found on the company’s website at. The board is establishing the company’s first Environmental and Social Governance Committee dedicated to ESG oversight and excellence. In accordance with the plan, a new board of directors was appointed and includes chairman Michael Wichterich, Timothy S. The company has also laid off 220 employees, or about 15 percent of its workforce, most from its Oklahoma City location. The company’s new common shares will be listed on the NASDAQ Exchange under the ticker symbol “CHK” and are expected to commence trading on Feb. Under the court-approved plan, approximately $7.8 billion of debt has been equitized, and the company’s preferred and common equity interests have been canceled as of Feb. Additionally, our unwavering resolve to leading a responsible energy future has never been greater, and our pledge to achieve net zero GHG direct emissions by 2035, eliminate routine flaring on new completions immediately, and significantly reduce our methane and GHG emission intensity by 2025, place Chesapeake on a path toward setting a new standard of environmental excellence in our industry.”
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“We have fundamentally reset our business, and with an improved capital and cost structure, disciplined approach to capital reinvestment, diverse asset base and talented employees, we are poised to deliver sustainable free cash flow for years to come.
“Today marks a new day for Chesapeake,” Lawler said in a Feb.
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