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Chesapeake Energy (NASDAQ: CHK) has partnered with MiQ and Equitable Origin to certify its natural gas production under the MiQ methane standard and EO100™ Standard for Responsible Energy Development. This initiative, starting with its Gulf Coast assets, aims to enhance environmental sustainability by reducing methane intensity to 0.09% by 2025 and achieving net-zero greenhouse gas emissions by 2035. Chesapeake is the first company to certify natural gas across two major shale basins, demonstrating its commitment to responsible energy practices.
Chesapeake Energy Corporation (NASDAQ: CHK) reported strong first quarter results for 2021, showcasing a successor net income of $295 million ($2.75 per share) and an adjusted EBITDAX of $510 million. The company also announced a sustainable dividend of $1.375 per share, payable quarterly starting June 10, 2021. Chesapeake's unrestricted cash balance stood at $340 million, with an impressive five-year cumulative free cash flow outlook of approximately $3 billion. The company is maintaining production levels and operating seven rigs across its portfolio.
Chesapeake Energy Corporation (NASDAQ: CHK) will release its 2021 first quarter operational and financial results after market close on May 11, 2021. A conference call to discuss these results is scheduled for May 12, 2021, at 9:00 am EDT, accessible via telephone at 888-317-6003 (international: 412-317-6061) with passcode 2667856. The company, headquartered in Oklahoma City, focuses on developing its diverse resource base of oil and natural gas assets in the United States.
Chesapeake Energy Corporation (NASDAQ:CHK) announced the departure of CEO Doug Lawler, effective April 30, 2021. Mike Wichterich, Chair of the Board, will serve as Interim CEO while a search for a new CEO is conducted. Wichterich praised Lawler for his leadership over the past eight years, particularly during challenging times. He expressed confidence in Chesapeake's investment potential and commitment to strengthening the company. Matt Gallagher will act as Lead Independent Director during this transition.
Chesapeake Energy Corporation (CHK) and Project Canary have initiated a pilot partnership to produce responsibly sourced natural gas (RSG) from well pads in the Marcellus and Haynesville shales. Using Project Canary's continuous emissions monitoring technology, the partnership aims to ensure high environmental standards and validate the market for RSG products. This collaboration aligns with Chesapeake's commitment to ESG excellence and aims to generate shareholder value while enhancing sustainability efforts. The project may expand based on initial findings and market conditions.
Chesapeake Energy Corporation announced the pricing of $500 million in senior notes due 2026 and another $500 million due 2029, both at an interest rate of 5.500% and 5.875%, respectively. This offering is part of a restructuring plan under Chapter 11 to emerge from bankruptcy. The net proceeds will fund distributions outlined in the plan, including repayment of debtor-in-possession facilities. The notes will be sold to qualified institutional buyers and will be secured until certain conditions are met.
Chesapeake Energy Corporation announced an offering of $500 million in senior notes due 2026 and $500 million due 2029. The issuance is part of restructuring efforts under Chapter 11 bankruptcy, intending to support a plan approved by the Bankruptcy Court. The funds will be utilized for the repayment of existing debts and other expenses related to its emergence from bankruptcy. The notes will be offered to qualified institutional buyers and non-U.S. investors, with no registration under the Securities Act.
On June 29, 2020, Chesapeake Energy Corporation (NYSE: CHK) announced that the U.S. Bankruptcy Court in Texas approved its "first-day" motions, allowing it to pay owner royalties, employee wages, and certain vendors during its Chapter 11 process. Chesapeake aims to restructure its financial obligations and strengthen its balance sheet through this reorganization. The Court also approved $925 million in debtor-in-possession (DIP) financing, which will support operational continuity during the proceedings. Chesapeake remains operational throughout the restructuring.
Chesapeake Energy Corporation announced on June 29, 2020, that it received a notification from the New York Stock Exchange regarding the delisting of its common stock due to the company’s voluntary filing for reorganization under Chapter 11 bankruptcy. Trading of its stock will transition to the OTC Pink Market under the symbol CHKAQ effective June 30, 2020. The company emphasizes that this shift will not affect its business operations.
Chesapeake Energy Corporation (NYSE: CHK) announced its voluntary Chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas on June 28, 2020. This move aims to restructure the company’s balance sheet, eliminating approximately $7 billion in debt. Chesapeake has secured $925 million in debtor-in-possession financing and plans to implement a plan of reorganization supported by its lenders. The company emphasizes that it will continue operations normally during this process, aiming to emerge stronger and more competitive.