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Thread: Chesapeake Business Practices

  1. #2376

    Default Re: Chesapeake Business Practices

    They were also able to renegotiate midstream contracts which will free up additional cash.

    Doug Lawler is pretty young too, I’d be surprised if he wanted to sell it. Hard to find another job after that.

  2. #2377

    Default Re: Chesapeake Business Practices

    Chesapeake is set to emerge from bankruptcy February 8th

  3. #2378

    Default Re: Chesapeake Business Practices

    They just sent an email to employees announcing 220 more job cuts.

    Impacted personnel will be notified by phone tomorrow morning.

  4. #2379

    Default Re: Chesapeake Business Practices

    Another empty building?

  5. #2380

    Default Re: Chesapeake Business Practices

    They had already stated their intentions to consolidate employees to the west side of Classen (all the smaller, mainly brick buildings) and then market all the big buildings and a parking garage or two for sale or lease.

    So, I don't believe this changes anything.

    My understanding is that campus consolidation is already planned and should be relatively complete this summer.

    Then, we'll see if they can find interested parties for most everything east of Classen.

  6. Default Re: Chesapeake Business Practices

    Oh how the mighty have fallen. Really sad when you think of where they were not just 15 years ago.

  7. Default Re: Chesapeake Business Practices

    Quote Originally Posted by Richard at Remax View Post
    Oh how the mighty have fallen. Really sad when you think of where they were not just 15 years ago.
    You can only outspend your Operating Cashflow for so many years before the Investors get pissed. The renewable energy players are on the same trajectory but in the honeymoon phase.

  8. #2383

    Default Re: Chesapeake Business Practices

    CHK has emerged from CH11. New stock will start trading tomorrow.

    (All the old stock was cancelled, hope you sold)

  9. #2384

    Default Re: Chesapeake Business Practices


  10. #2385
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    Default Re: Chesapeake Business Practices

    Quote Originally Posted by SouthOfTheVillage View Post
    You can only outspend your Operating Cashflow for so many years before the Investors get pissed. The renewable energy players are on the same trajectory but in the honeymoon phase.
    The renewable energy people don't have to go speculate on huge chunks of leases that will either expire or cost huge amounts to keep. Way different dynamics and economics. Keep writing off the renewables at your own peril.

  11. #2386

    Default Re: Chesapeake Business Practices

    Quote Originally Posted by Rover View Post
    The renewable energy people don't have to go speculate on huge chunks of leases that will either expire or cost huge amounts to keep. Way different dynamics and economics. Keep writing off the renewables at your own peril.
    BP did just pay 80% higher for a wind project than the next closest bidder so he's not totally off base

  12. #2387

    Default Re: Chesapeake Business Practices

    Good start for the new stock. up almost 7%. $4.6 billion market cap. Puts them between Cimarex and EQT value wise.

    https://finance.yahoo.com/quote/CHK/

  13. Default Re: Chesapeake Business Practices

    Quote Originally Posted by Rover View Post
    The renewable energy people don't have to go speculate on huge chunks of leases that will either expire or cost huge amounts to keep. Way different dynamics and economics. Keep writing off the renewables at your own peril.
    Apparently so profitable that they’re still begging for federal subsidies.

    And NextEra just posted a quarterly GAAP loss. Kind of a bad look for a regulated utility, no?

  14. #2389
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    Default Re: Chesapeake Business Practices

    Quote Originally Posted by SouthOfTheVillage View Post
    Apparently so profitable that they’re still begging for federal subsidies.

    And NextEra just posted a quarterly GAAP loss. Kind of a bad look for a regulated utility, no?
    I'd say NextEra at 945% total shareholder return over the last 15 years is pretty good.

    Let's look at Exxon:

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  15. #2390

    Default Re: Chesapeake Business Practices

    APRIL 27, 2021
    Chesapeake CEO Lawler to step down months after bankruptcy exit
    By Reuters Staff

    (Reuters) - Chesapeake Energy Corp said on Tuesday that Chief Executive Officer Doug Lawler would leave at the end of April, just months after the company emerged from a highly watched bankruptcy reorganization.

    Once the second-largest U.S. natural gas producer, Chesapeake filed for court protection last June, reeling from overspending on assets and a sudden decline in demand and oil prices spurred by the COVID-19 pandemic.

    It emerged from bankruptcy in February, through a plan that saw it shedding about $7.7 billion in debt.

    Lawler took the reins at Chesapeake in 2013 after the company’s wildcatter founder Aubrey McClendon stepped down amid investigations into possible antitrust violations. McClendon died in a car accident in 2016.

    In an interview with Reuters in February, Lawler had said the company was unable to invest enough in operations to turn a profit while simultaneously paying down $9 billion in debt, and that “led us to make decisions that weren’t always the best”.

    The company said on Tuesday board chair Mike Wichterich would serve as interim CEO, while it searches for a permanent replacement.

    Wichterich intends to continue in his role as chair after a new CEO is appointed in the “coming months”, Chesapeake said in a statement.

    While Wichterich handles the additional role of interim CEO, Matt Gallagher will be lead independent director, the company said.

  16. #2391
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    Default Re: Chesapeake Business Practices

    Quote Originally Posted by gopokes88 View Post
    BP did just pay 80% higher for a wind project than the next closest bidder so he's not totally off base
    Pretty apples to oranges off base.

  17. #2392

    Default Re: Chesapeake Business Practices

    All of the buildings east of Classen are now empty, apart from the child care center and the core lab. The latter doesn't have many/any employees but they store core samples there.

    That is a ton of empty office space.

    I haven't heard a peep about who may be taking it over, especially since CHK wants a development partner to take all of it as well as all that undeveloped land.

    For a while, the state was interested but that seems to have died.

  18. #2393

    Default Re: Chesapeake Business Practices

    Quote Originally Posted by Pete View Post
    All of the buildings east of Classen are now empty, apart from the child care center and the core lab. The latter doesn't have many/any employees but they store core samples there.

    That is a ton of empty office space.

    I haven't heard a peep about who may be taking it over, especially since CHK wants a development partner to take all of it as well as all that undeveloped land.

    For a while, the state was interested but that seems to have died.
    I still like the idea of those buildings turning into space for IT, engineering, and bio firms. Turn it into a mini innovation district. That whole area of the city would fit well with something like that.

  19. #2394

    Default Re: Chesapeake Business Practices

    Any idea what the maximum # of employees for the company was?

    I'm seeing 1300 total currently, not all office workers though

  20. #2395

    Default Re: Chesapeake Business Practices

    Quote Originally Posted by Bits_Of_Real_Panther View Post
    Any idea what the maximum # of employees for the company was?

    I'm seeing 1300 total currently, not all office workers though
    It was over 5,000 in OKC at one point.

    And I think they have less than 1,000 at HQ now.

    Ironically, they are now starting to make some profit.

  21. #2396

    Default Re: Chesapeake Business Practices

    They should market that campus to some crypto companies, along with a big city/ state subsidy and tax deferral.

  22. #2397

    Default Re: Chesapeake Business Practices

    Maybe a bad idea actually, when looking at crypto companies, many are embracing remote first approaches.

    Who is needing a sprawling physical campus these days?

    Maybe a Hobby Lobby type of indoctrination college would work in this part of the country.

  23. #2398

    Default Re: Chesapeake Business Practices

    Chesapeake buying Haynesville producer Vine Energy. Great news. Probably not much in terms of adding jobs in okc, but also means they are the one looking to acquire. Not being acquired. http://www.rbcrichardsonbarr.com/Ind...PR_____DA71736

  24. #2399

    Default Re: Chesapeake Business Practices

    This isn't the thread for this, but does anyone know when the Christmas lights are supposed to come on? We drove by at sundown and they weren't on, but Whole Foods had theirs on...

  25. #2400

    Default Re: Chesapeake Business Practices

    Quote Originally Posted by Dustin View Post
    This isn't the thread for this, but does anyone know when the Christmas lights are supposed to come on? We drove by at sundown and they weren't on, but Whole Foods had theirs on...
    They stated they would be turned on starting dec 3

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