Credit Crunch Threatens Chesapeake Energy (CHK)
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The Wall Street Journal had a story this morning noting that Chesapeake Energy Corp. (NYSE: CHK) is working hard to sell assets and cut costs as rapidly falling energy prices and tougher credit threatens to hurt Chesapeake's dramatic growth.
Chesapeake Energy has spent aggressively and borrowed heavily to fuel its effort this year to become the largest U.S. natural-gas producer.
The Journal reported that Chesapeake is now significantly cutting back the costly land-leasing program that once propelled Chesapeake's growth.
Chesapeake CEO Aubrey McClendon said he expects CHK to end the year with $5 billion to $6 billion in cash.
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Aubreys' Compensation
Frank Wheatley on Oct 12, 2009 09:32 PMEveryone who is upset should take into account the risk. Aubrey relatively speaking has as much to loose as any other investor and perhaps more. He is entitled to his compensation package and more. I was an executive in a equipment manufacturing firm for years so I know the risk and the heartbreak that goes with each and every decision that HE makes. Remember the ball stops at his desk!!!