Key Developments: Chesapeake Energy Corp (CHK.N)
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1,695,720
2,135,704
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$16.23
Latest Key Developments (Source: Significant Developments)
Chesapeake Energy Corp Declares Quarterly Dividends
Chesapeake Energy Corp announced that its Board of Directors has declared a $0.0875 per share quarterly dividend that will be paid on July 31, 2013 to common shareholders of record on July 15, 2013. Full Article
Gastar Exploration Ltd Announces Closing Of Mid-Continent Acquisition, Share Repurchase And Litigation Settlement With Chesapeake Energy Corp
Gastar Exploration Ltd announced that it has closed its previously announced acquisition of proven reserves and undeveloped leasehold interests in Kingfisher and Canadian Counties, Oklahoma from Chesapeake Energy Corp (Chesapeake), repurchase of 6,781,768 outstanding shares of the Company's common stock currently held by Chesapeake and settlement of all litigation. The purchase price of $84 million, effective October 1, 2012, is subject to adjustment for customary due diligence items. The Mid-Continent acquisition, share repurchase and litigation settlement were funded with proceeds from the $200 million private placement of debt securities closed on May 15, 2013. Full Article
Chesapeake Energy Corp Names Robert Douglas Lawler Chief Executive Officer
Chesapeake Energy Corporation announced that Robert Douglas (Doug) Lawler will join Chesapeake as Chief Executive Officer and a member of the Board of Directors, effective June 17. With Mr. Lawler assuming the CEO position at Chesapeake, the Office of the Chairman will be discontinued and Archie W. Dunham, Steven C. Dixon and Domenic J. Dell`Osso Jr. will continue to serve in their roles as non-executive Chairman of the Board, Executive Vice President of Operations and Geosciences and Chief Operating Officer, and Executive Vice President and Chief Financial Officer, respectively. Full Article
Southwestern Energy Co Announces Closing Of Acquisition Of Marcellus Shale Properties From Chesapeake Energy Corp
Southwestern Energy Co announced that it has closed its recently announced acquisition of approximately 162,000 net acres in the Marcellus Shale in Pennsylvania. The properties were acquired from Chesapeake Energy Corp and its partner for approximately $93 million, excluding purchase price adjustments. Southwestern has financed the acquisition with its revolving credit facility. Full Article
MarkWest Energy Partners LP Announces Acquisition Of Granite Wash Assets From Chesapeake Energy Corp's Subsidiary In Texas Panhandle and Western Oklahoma
MarkWest Energy Partners LP announced the execution of definitive agreements to acquire 100% of the ownership interests of certain midstream assets in the Anadarko Basin from a wholly owned subsidiary of Chesapeake Energy Corp, for consideration of $245 million in cash. The transaction closed simultaneously with the execution of the agreements. The acquired assets consist of a 200 million cubic feet per day (MMcf/d) cryogenic gas processing plant (Buffalo Creek Plant) and 22 miles of gas gathering pipeline in Hemphill County, Texas, and approximately 30 miles of rights-of-way associated with the future construction of a high-pressure trunk line. Additional assets consist of an amine treating facility and a 5 mile gas gathering pipeline in Washita County, Oklahoma. The high-recovery Buffalo Creek Plant and associated trunk line are currently under construction and are expected to be placed into service in early 2014. Producing formations in the Anadarko Basin associated with these assets include the highly prolific Granite Wash and Hogshooter formations, and multiple other attractive liquids-rich zones. Full Article
Semgroup Corp To Acquire Mississippi Lime Midstream Assets From Chesapeake Energy Corp For $300 Million
Semgroup Corp announced that it has executed a definitive agreement to acquire the equity interests of Mid-America Midstream Gas Services, L.L.C., a wholly owned subsidiary of Chesapeake Energy Corporation, which is the owner of gas gathering and processing assets in the Mississippi Lime play for $300 million in cash. The transaction is expected to close by the third quarter of 2013 and is subject to certain regulatory approvals and closing conditions. Full Article
Chesapeake Energy Corp Wins Dismissal Of Shareholder Lawsuit-Reuters
Reuters reported that Chesapeake Energy Corp has won the dismissal of a securities class action lawsuit over allegations the company misled investors about its financial condition. The lawsuit claimed that Chesapeake had failed to disclose financial obligations by the company and its former chief executive, Aubrey McClendon. But in an order issued on Wednesday, Chief U.S. District Judge Vicki Miles-LaGrange in Oklahoma City wrote that the allegations failed to present facts showing the company or other company officers and directors named in the complaint likely intended to mislead investors. The departure of McClendon as CEO was announced by the company in late January. The case dismissed on Wednesday was filed on behalf of investors who purchased Chesapeake shares between April 30, 2009 and May 11, 2012. It alleged that the company and its management team did not disclose more than $1 billion in personal debt accumulated by McClendon that was backed by future production of Chesapeake's wells. Full Article
Chesapeake Energy Corp Declares Quarterly Dividend
Chesapeake Energy Corp announced that its Board of Directors has declared a $0.0875 per share quarterly dividend that will be paid on April 30, 2013 to common shareholders of record on April 15, 2013. Full Article
Chesapeake Energy Corp Names COO Dixon As Acting CEO-DJ
Dow Jones reported that Chesapeake Energy Corp named Chief Operating Officer (COO) Steven C. Dixon Acting Chief Executive (CEO) as it continues a search for a permanent successor to the retiring Aubrey K. McClendon. Full Article
SEC Steps Up Probe Of Chesapeake Energy Corp, CEO McClendon-Reuters
Reuters reported that The U.S. Securities and Exchange Commission (SEC) has escalated its investigation into Chesapeake Energy Corp and its Chief Executive Aubrey McClendon for a controversial perk that granted him a share in each of the natural gas producer's wells. Regulators in the SEC's Fort Worth, Texas, office have been looking into the Founder Well Participation Program (FWPP) that grants McClendon up to a 2.5% interest in every well that Chesapeake drills. A spokesman for Chesapeake did not respond to an email request for additional comment on the investigation. Full Article
Chesapeake hires former SEC lawyer as compliance officer
HOUSTON - Chesapeake Energy Corp on Monday named as chief compliance officer a lawyer the oil and gas company had previously hired to respond to an investigation by the Securities and Exchange Commission.
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