Chesapeake Energy (CHK) Doubles Its Authorization For Common Stock And Warrant Repurchase From $1 Billion To $2 Billion

Chesapeake Energy Corporation (NASDAQ: CHK) today announced that its Board of Directors has doubled its previously announced repurchase program authorization from $1 billion to up to $2 billion in aggregate value of its common stock and/or warrants through year-end 2023. To date, under its previously authorized program, Chesapeake has repurchased approximately 5.4 million shares of its common stock at an average price of approximately $89 per share.

Nick Dell'Osso, Chesapeake's President and Chief Executive Officer, stated "We firmly believe our stock is undervalued and are pleased to announce material progress on our buyback program today. Doubling our buyback authorization to a total of $2 billion, in conjunction with our commitment to our base and variable dividend program, highlights our confidence in our sustainable free cash flow generating capability and our commitment to shareholder returns. Our disciplined capital allocation strategy is delivering leading per share cash returns and highlighting the compelling value in our shares."

The repurchase authorization permits Chesapeake to make repurchases on a discretionary basis as determined by management. Acquisitions under this repurchase authorization may be made through open market or privately negotiated transactions. This repurchase authorization does not obligate Chesapeake to acquire any particular amount of common stock or warrants, and may be modified, extended, suspended or discontinued at any time without prior notice.

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