Shale Pioneer Chesapeake Energy Files for Bankruptcy
Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets.The filing marks an end of an era for the Oklahoma City-based shale pioneer, and comes after months of negotiations with creditors. Reuters first reported in March the company had retained debt advisers.Chesapeake was co-founded by Aubrey McClendon…
Chesapeake Acquires WildHorse for $4B
Chesapeake Energy has entered into a definitive agreement to acquire WildHorse Resource Development, an oil and gas company with operations in the Eagle Ford Shale and Austin Chalk formations in southeast Texas, in a transaction valued at approximately $3.977bn.The acquisition of WildHorse expands Chesapeake’s oil growth platform and accelerates progress toward its strategic and financial goals of enhancing margins, achieving sustainable free cash flow generation…
Chesapeake Beats Street as Costs Fall
Chesapeake Energy Corp's quarterly profit exceeded analysts' estimates on Wednesday, as it produced more oil and natural gas at higher prices while continuing to lower costs, pulling shares in the company around 3 percent higher. Chesapeake's production rose nearly 5 percent to 554,000 barrels of oil equivalent per day (boepd), while its number of gross wells supplying to the market dropped 25 percent. The Oklahoma-based company's average realized oil price rose 10 percent to $56.89 per barrel in the quarter…
Chesapeake Energy's Q4 Profit Beats Street
Chesapeake Energy Corp's fourth-quarter profit topped analysts estimates, helped by higher production and prices of oil and natural gas, sending the company's shares up about 6.5 percent premarket on Thursday. The company's net income available to shareholders was $309 million, or 33 cents per share, in the quarter to Dec. 31, compared with a loss of $740 million, or 83 cents per share, a year earlier. Excluding items, it earned 30 cents per share…
Chesapeake Energy Beats Street, Plans Rig Cuts
U.S. natural gas producer Chesapeake Energy Corp reported a better-than-expected quarterly profit on Thursday and said it expects production to rise for the rest of the year even as the company plans to operate fewer rigs. Shares of the company were up 4 percent in premarket trading. Oil and gas producers in North America are actively trying to cut back on expenses as they try to save money as oil hovers around $50 per barrel. Last month…
US Shale Producers Say Spending Flexibility Is Key
U.S. shale oil producers plan to keep drilling new wells despite this month's crude price drop but expect to revisit spending should pricing remain below $45 a barrel for several months. "We will not drill into oblivion," Tim Dove, chief executive of Pioneer Natural Resources Co, told investors on Tuesday at a J.P. Morgan energy conference in New York. Pioneer, one of the biggest operators in the Permian Basin, the largest U.S. oilfield…
Chesapeake Energy Raises 2016 Asset Sales Goal
Debt-laden Chesapeake Energy Corp, the No. 2 U.S. natural gas producer, raised its 2016 asset sales target and production forecast and said it expected capital spending this year to be at the higher end of its forecast range. Shares of the company, which reported a bigger-than-expected quarterly loss, fell about 3 percent to $5.14 in premarket trading on Thursday. The company raised its asset sales target to more than $2.0 billion from…
Chesapeake Cuts CapEx Sharply, Mulls Asset Sales
U.S. natural gas producer Chesapeake Energy Corp more than halved its annual capital budget and said it would sell more assets this year. The company's shares fell nearly 6.5 percent in premarket trading on Wednesday. Chesapeake said it planned to spend $1.3 billion-$1.8 billion this year, down 57 percent from 2015 levels, and sell assets worth $500 million-$1 billion. It said production could fall by as much as 5 percent this year due to the asset sales.
U.S. Shale Producers Prepare to Slash 2016 CapEx
U.S. shale oil producers, having slashed fat from 2015 budgets after a 50-percent drop in crude prices, risk cutting to the bone next year as they pare spending further and get ready for a prolonged downturn. Top shale companies including Devon Energy Corp, Continental Resources Inc and Marathon Oil Corp this week released preliminary 2016 plans for capital spending that may fall by double digits. The cuts, following reductions of 30 percent to 40 percent by many in the industry this year…
U.S. Shale Giants Bearish on 2016
Some of the largest U.S. shale oil producers have already begun slashing 2016 budgets, with some planning double-digit reductions starting next January, the latest sign low crude prices are forcing a radical adjustment in the industry. A rash of bleak commentaries from CEOs this week marks one of the earliest times in a calendar year that oil producers have laid out rough sketches for the following year's spending. Gone, for now at least, are the high-rolling ways of an industry that as recently as last year was flush with cash.
