Chesapeake Energy Corporation Stock Price, News & Analysis

Chesapeake Energy (NASDAQ: CHK) and Southwestern Energy Company (NYSE: SWN) have announced that the Hart-Scott-Rodino Act waiting period for their pending merger has expired. The companies expect the combination to close in the first week of October. Upon closing, the merged entity will be renamed Expand Energy and will trade on NASDAQ under the ticker symbol "EXE".

The combined company is set to become the largest natural gas producer in the U.S., positioning itself to compete internationally and expand America's energy reach. Nick Dell'Osso, Chesapeake's President and CEO, emphasized the company's potential to deliver opportunities for global energy customers, citing its premium position across leading U.S. natural gas basins, peer-leading returns program, and resilient financial foundation.

Chesapeake Energy (NASDAQ: CHK) and Southwestern Energy Company (NYSE: SWN) have announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for their pending combination has expired. The merger is expected to close in the first week of October. Upon completion, the combined company will be renamed Expand Energy and will trade on NASDAQ under the ticker symbol 'EXE'.

The merger will create the largest natural gas producer in the U.S. Nick Dell'Osso, Chesapeake's President and CEO, emphasized the company's unique position to compete internationally and expand America's energy reach with its premium scaled position across leading natural gas basins, peer-leading returns program, and resilient financial foundation.

Chesapeake Energy (NASDAQ:CHK) reported its Q2 2024 financial results, showing a net loss of $227 million ($1.73 per share) but adjusted net income of $1 million ($0.01 per share). The company's net cash from operating activities was $209 million, with adjusted EBITDAX of $358 million. Chesapeake produced approximately 2.75 bcf/d net (100% natural gas) and lowered its 2024 Capital and Production Expense guidance by ~4% and ~8% respectively.

The company plans to pay a quarterly base dividend of $0.575 per common share in September 2024, marking its 14th consecutive quarter of dividend payments. Chesapeake is focusing on operational improvements and capital efficiency, building productive capacity with 75 combined DUCs and deferred TILs at the quarter's end. The company has returned about $3.5 billion to shareholders since 2021 through dividends and share repurchases.

Chesapeake Energy (NASDAQ:CHK) has announced the release of its 2024 second quarter operational and financial results after market close on Monday, July 29, 2024. A conference call to discuss the results is scheduled for Tuesday, July 30, 2024, at 9:00 am EDT. Investors can access the call via phone (1-888-317-6003 / INT TOLL: 1-412-317-6061, passcode 4204243) or webcast on Chesapeake's website. The company, headquartered in Oklahoma City, focuses on discovering and responsibly developing leading positions in top U.S. natural gas plays. Chesapeake aims to achieve net zero GHG emissions (Scope 1 and 2) by 2035, demonstrating its commitment to providing affordable, reliable, lower carbon energy.

Chesapeake Energy (NASDAQ:CHK) has released its 2023 Sustainability Report, highlighting significant achievements in environmental, social, and governance (ESG) performance. The company surpassed its 2025 climate targets, reducing Scope 1 and Scope 2 GHG emissions intensity to 2.1 mtCO2e per gross operated mboe produced, a more than 60% reduction since 2020. Methane emissions intensity also saw an 80% reduction to 0.02% volume methane emissions per gross operated natural gas produced. Chesapeake recertified all assets as 100% responsibly sourced gas and joined the Oil and Gas Methane Partnership (OGMP) 2.0 to enhance methane emissions reporting. The company improved safety performance, achieving a 42% reduction in its combined TRIR to 0.14. Community engagement efforts included local meetings and events to foster transparent communication. These steps align the company with its goal of net zero GHG emissions by 2035.

Chesapeake Energy reported first quarter 2024 financial results with net income of $26 million, adjusted net income of $80 million, and adjusted EBITDAX of $508 million. The company reaffirmed credit facility borrowing base, increased aggregate commitments to $2.5 billion, and delivered $112 million in adjusted free cash flow. Chesapeake plans to pay a dividend of $0.715 per common share in June 2024. The company continues to focus on capital discipline and the pending merger with Southwestern. Operations update includes net production of 3.20 bcfe per day and plans to defer completions to build productive capacity. Financially, the company's borrowing base was reaffirmed and aggregate commitments were increased by $500 million. Chesapeake's ESG efforts are focused on emission reductions and the company's path to achieve net zero GHG emissions by 2035.

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