I agree with wind and solar being a poor and wasteful choice for large scale energy production. Nuclear is the best choice and even then it needs more R&D. Salt reactors are interesting though Cold Fusion would be one of the most innovations ever brought forth by man.
I would argue electric cars are hardly good for the environment and they simply shift the pollution and environmental impact elsewhere. I see potential in EVs but until a better way of making batteries is had or better yet if we can pioneer hydrogen production being more sustainable it is a bit disingenuous to suggest EVs are so much better than combustion engines.
Batteries can even take a different form than what you might think. I saw a concept to use excess grid energy to drive motors
to lift heavy blocks, then when the energy is needed those blocks are lowered by gravity and the cables spin generators to convert that energy back into electricity. While I am uncertain of how feasible that is, it does show that there are outside the box ways of storing energy that is produced by the grid.
Get. Back. On. Topic.
Even if people travel the world most tourist areas don’t have large scale power productions plants right next door and even if they did that doesn’t mean that tourist are going to be paying attention to the source of the power or the grid.
I agree that people should open their eyes and not rely on Fox News for their information all the time. But don’t pretend that someone who has traveled around the world is somehow educated or cultured by that fact alone.
You would probably be surprised then at how much you can actually learn from traveling and being inquisitive. Going to London to see Abby Road isn’t what I’m talking about. People seriously interested in real issues can benefit from the observations gained by traveling, observing, and interacting with the locals... even on vacation. There’s a lot going on in the world that a great number of people know nothing about except what is fed to them.
http://www.rbcrichardsonbarr.com/Ind...PR_____DA56443
So if you don’t understand what’s going on here I’ll explain it in very simple terms.
CHK issued a going concern. (Rightly, they do have one)
That drove the value of their bonds wayyyyyyyy down.
CHK secured a 1st lien rights loan to buyback the bonds whose value got driven down.
According to this offer, CHK is offering $.70 to or value.
Long story short CHK can spend $.70 of the new loan to wipe out $1 of debt. Not out of the woods but it’s a start.
It ain't over , till its over
^
Things certainly look more optimistic. Hope they can keep it together until prices inevitably head upward once again.
There's been a bunch of insider share purchases in the last two or three weeks.
https://oklahoman.com/article/565023...on-dec-19-2019
Spent 2.2 billion to wipe out 3.2 billion in debt.
1 billion down 9 to go.
Selling Haynesville to jerry Jones would be worth at least a billion, and eliminate the liquidity event they have coming in 2021
Trading at 60cents. They have been given the formal notification from NYSE for delisting. It appears to allow six months time to get it back above $1.
Any bets being placed on when the reverse split happens?
I find this announcement nowhere . Its my understanding , they have till May to make this split. The reverse split is no big deal, its just a symptom of the problem that got them to this point.
The low NG price hurts but its not a major factor. CHK has 49% of their 2020 nat gas hedged, I've read two figures, some at over three and some at just below three. But that's not from CHK, just chat on the internets. I've not dug back into the conference calls to verify that.
And even if nat gas is still 70% of their production by BOE , oil is 50% of their revenues, according to what I'm reading, again , I've not verified that.
So if what I'm reading is correct, they're not that exposed to low spot prices of NG.
Cool.
Wonder why they’re stock fell 7% yesterday if they’re in such wonderful shape.
http://www.rbcrichardsonbarr.com/Ind...PR_____DA66045
Straight from the horse's mouth...
OKLAHOMA CITY, Dec. 13, 2019 /PRNewswire/ -- Chesapeake Energy Corporation (NYSE:CHK) ("Chesapeake" or "the Company") announced that on December 10, 2019 it received written notice from the New York Stock Exchange ("NYSE") of its noncompliance with the standard set forth in Rule 802.01C of the NYSE Listed Company Manual that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.
The Company intends to regain compliance with the NYSE listing standards by pursuing measures that are in the best interests of the Company and its shareholders, including: (i) executing on its current capital and operating program, which includes a planned 30% reduction in 2020 capital expenditures and ongoing implementation of operating cost efficiencies; (ii) continued debt reduction through capital market transactions and asset sales; and potentially (iii) consummation of a potential reverse stock split, subject to shareholder approval at the May 2020 Annual Meeting of Shareholders.
As required by the NYSE, the Company intends to respond to the NYSE within ten business days with respect to its intent to cure the deficiency. The Company has six months following the receipt of the noncompliance notice to cure the deficiency and regain compliance.
During this period, the Company's common stock will continue trading on the NYSE under its existing ticker symbol, with the addition of a suffix indicating the "below compliance" status of its common stock, as "CHK.BC."
The notice does not affect the Company's business operations, or its Securities and Exchange Commission reporting requirements, and does not conflict with or cause an event of default under any of the Company's material debt agreements.
CHK has had about 175 layoffs in the last two days.
Around a hundred in the field and 75 at corporate in OKC.
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