Last $28.18 USD
Change Today -0.84 / -2.89%
Volume 7.5M
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As of 8:04 PM 07/11/14 All times are local (Market data is delayed by at least 15 minutes).

chesapeake energy corp (CHK) Snapshot

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07/1/14 - $29.92
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chesapeake energy corp (CHK) Details

Chesapeake Energy Corporation is engaged in the acquisition, exploration, and development of properties for the production of natural gas, oil, and natural gas liquids (NGL) from underground reservoirs in the United States. The company operates in three segments: Exploration and Production; Marketing, Gathering, and Compression; and Oilfield Services. It holds interests in natural gas resource plays, including the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin of West Virginia and Pennsylvania; and the Barnett Shale in the Fort Worth Basin of north-central Texas. The company also holds interests in liquids-rich resource plays, such as the Eagle Ford Shale in South Texas; the Utica Shale in Ohio and Pennsylvania; the Granite Wash/Hogshooter, Cleveland, Tonkawa, and Mississippi Lime plays in the Anadarko Basin in northwestern Oklahoma, the Texas Panhandle, and southern Kansas; and the Niobrara Shale in the Powder River Basin in Wyoming. It owns interests in approximately 46,800 natural gas and oil wells. As of December 31, 2013, the company’s proved reserves were 2.678 billion barrels of oil equivalent. In addition, it provides natural gas, oil, and NGL marketing services, including commodity price structuring, contract administration, and nomination services for Chesapeake-operated wells and other producers. Chesapeake Energy Corporation was founded in 1989 and is headquartered in Oklahoma City, Oklahoma.

10,800 Employees
Last Reported Date: 02/27/14
Founded in 1989

chesapeake energy corp (CHK) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $2.6M
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $725.0K
Executive Vice President of Acquisitions & Di...
Total Annual Compensation: $2.3M
Senior Vice President of Operations - Norther...
Total Annual Compensation: $779.8K
Senior Vice President of Operations - Souther...
Total Annual Compensation: $726.9K
Compensation as of Fiscal Year 2013.

chesapeake energy corp (CHK) Key Developments

Chesapeake Energy Corporation Wins Appeals Court Decision

A three-judge panel of the 10th Circuit Court of Appeals on July 8, 2014 ruled in favor of Chesapeake Energy Corp., upholding a lower court's dismissal of a lawsuit filed by shareholders. Chesapeake shareholders Dvora and Steven Weinstein in 2012 sued the Chesapeake executives, saying they misled shareholders through "false statements and omissions" about two financial obligations. The appeals court agreed with a federal judge in Oklahoma City that the shareholders did not sufficiently demonstrate that Chesapeake "intentionally withheld these facts from, or recklessly disregarded the importance of those facts" to shareholders in order to deceive, manipulate or defraud. The lawsuit centered on Chesapeake's Volumetric Production Payment transactions and its Founders Well Participation Program. Under the Volumetric Production Payment program, Chesapeake received cash immediately in exchange for a promise to produce and deliver natural gas over time. Chesapeake said it raised more than $6.3 billion through the deals, but the shareholders said the company failed to disclose that the arrangements would require Chesapeake to spend about $1.4 billion in future production costs. The shareholders also said the company's Founders Well Participation Program created a conflict of interest between then-Chief Executive Officer Aubrey McClendon and shareholders. The program allowed McClendon to buy up to a 2.5% stake in every well the company drilled.

Michigan Prosecutors Files Additional Fraud Charges Against Chesapeake Energy

Michigan prosecutors on June 25, 2014 filed additional fraud charges against Chesapeake Energy Corp. The company is accused of failing to honor oil and natural gas leases it signed with 20 Michigan property owners in 2010. Prosecutors contend Chesapeake and its agents used a scheme known as 'cold drafting' to obtain lease options by false pretenses, preventing competitors from leasing land while not compensating the property owners. Michigan Attorney General Bill Schuette charged Chesapeake earlier this month with one count of conducting criminal enterprises and eight counts of false pretenses. Prosecutors added, another dozen fraud counts on June 25, 2014, identifying 12 more alleged victims. The charges are punishable by thousands of dollars in fines, but Gordon Pennoyer contends they have no merit. The company will vigorously contest these baseless allegations. Chesapeake representatives appeared in court on June 25, 2014 to face the charges in Cheboygan District Court. A preliminary exam was set for Aug. 18, 2014. Chesapeake also is facing antitrust charges in a separate case for allegedly conspiring with another natural gas producer, Encana Corp., to limit prices in a 2010 land auction. Encana settled with prosecutors in May, but Chesapeake maintains it did nothing wrong. Chesapeake has asked a judge to dismiss the antitrust charges, but the judge hasot ruled on whether there is sufficient evidence for a trial in the case.

Chesapeake Energy Corporation Approves Amendments to Restated Certificate of Incorporation

Chesapeake Energy Corporation approved amendments to the company's Restated Certificate of Incorporation were approved by the shareholders at its Annual Meeting held on June 13, 2014 are: revisions to remove references to the classified board structure, and to provide that all directors will be elected annually; revisions to provide that directors chosen to fill vacancies will hold office until the next annual meeting of shareholders; revisions to increase the maximum number of directors that may constitute the Board from nine to ten; revisions to change the supermajority vote requirement from 66 2/3% of the outstanding shares entitled to vote to at least a majority of outstanding shares entitled to vote for the following: shareholder determination of the number of directors constituting the whole Board; shareholder amendment of the certificate of incorporation; and shareholder amendment of the bylaws.


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