UBS Raises Price Target on Chesapeake Energy (CHK) to $4.25; Reiterates Sell

Chesapeake Energy (CHK) Announces $500M Conv. Senior Notes Tender

August 15, 2016 6:02 AM EDT

Chesapeake Energy Corporation (NYSE: CHK) announced that it has commenced cash tender offers (collectively, the "Tender Offers," and each offer to purchase a series of notes individually, a "Tender Offer") to purchase up to $500,000,000 aggregate purchase price, exclusive of accrued interest (the "Aggregate Maximum Purchase Amount"), of the outstanding notes of Chesapeake set forth in the table below (collectively, the "Notes").

No more than $275,000,000 aggregate purchase price, exclusive of accrued interest (the "2038 Tender Cap"), of 2.25% Contingent Convertible Senior Notes due 2038 (the "2038 Notes") will be purchased in the Tender Offers. The terms and... More

KLR Group Reiterates Buy on Chesapeake Energy (CHK) - PT to $9

August 11, 2016 8:32 AM EDT

KLR Group reiterated a Buy rating on Chesapeake Energy (NYSE: CHK), and raised the price target to $9.00 (from $8.00). The change is due to the value accretive Barnett asset transfer and termination of associated midstream contracts.

Analyst John Gerdes commented, "We are... More

Chesapeake Energy (CHK): Barnett Asset Sale a Positive, No Change To Underperform - Jefferies

August 11, 2016 7:40 AM EDT

Jefferies analyst, Jonathan Wolff, reiterated his Underperform rating on Chesapeake Energy (NYSE: CHK) noting that after the close, CHK announced that it had entered into a transaction to transfer its Barnett shale acreage/production to a newly established PE-backed producer. Due to the large remaining minimum volume commitments (MVCs) associated with the midstream contracts, the midstream contract holder Williams Partners (WPZ)... More

After-Hours Stock Movers 08/10: (KURA) (ANW) (CHK) Higher; (AVGR) (OMER) (SHAK) Lower (more...)

August 10, 2016 6:07 PM EDT

Today's After-Hours Movers

Kura Oncology (NASDAQ: KURA) 34.9% HIGHER; In the companys Phase 2 trial of tipifarnib in HRAS mutant solid tumors, positive clinical activity, including objective responses, has been observed in patients with head and neck squamous cell carcinomas and patients with salivary gland cancer. Based on these responses, enrollment will be expanded to an additional seven patients.

Avinger, Inc. (Nasdaq: AVGR) 17.8% LOWER; announced that it intends to offer, subject to market and other conditions, newly issued... More

Williams Partners (WPZ) Enters Conditional Commitment in Barnett Shale; Affirms Chesapeake (CHK) Agreement Terminations

August 10, 2016 5:21 PM EDT

Williams Partners L.P. (NYSE: WPZ) announced it has conditionally committed to execute a new gas gathering agreement with a new producer customer, a private company successor to Chesapeake Energy (NYSE: CHK), in the Barnett Shale. Williams Partners agreements with Chesapeake, including Chesapeakes Minimum Volume Commitment (MVC) obligations in the Barnett Shale, will be terminated at closing. Among other conditions, the commitment is subject to the closing of the sale of Chesapeakes Barnett assets to the producer customer, which is subject to certain significant closing conditions including the... More

Chesapeake Energy (CHK) Shares Pop Higher on Barnett Shale Exit, Updated Outlook

August 10, 2016 4:41 PM EDT

Chesapeake Energy (NYSE: CHK) shares are up over 5 percent in late trading following news of plans to exit the Barnett Shale, termination of Williams Partners contract, and other matters, including guidance.

... More

Chesapeake Energy (CHK) to Exit Barnett Shale

August 10, 2016 4:37 PM EDT

Chesapeake Energy Corporation (NYSE: CHK) announced that it has entered into an agreement to convey its interests in the Barnett Shale operating area located in North Texas to Saddle Barnett Resources, LLC ("Saddle Resources"), a company backed by First Reserve, a leading global private equity and infrastructure investment firm exclusively focused on energy, and simultaneously terminate future commitments associated with this asset.

The impacts to Chesapeake upon completion of these actions will be as follows:

Increases Chesapeake's operating income, before charges and other termination costs associated with this transaction, by approximately $200 to... More