Williams Partners (WPZ) Enters Conditional Commitment in Barnett Shale; Affirms Chesapeake (CHK) Agreement Terminations
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UBS Raises Price Target on Chesapeake Energy (CHK) to $4.25; Reiterates Sell
August 11, 2016 9:13 AM EDTUBS maintained a Sell rating on Chesapeake Energy (NYSE: CHK), and raised the price target to $4.25 (from $4.00), following the company's 2Q earnings report. CHK adjusted its 2016 production guidance from 625-650 MBoed to 611-638 MBoed and provided initial 2017 volume guidance of 532-562 MBoed.
Analyst... More
KLR Group Reiterates Buy on Chesapeake Energy (CHK) - PT to $9
August 11, 2016 8:32 AM EDTKLR 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) to Exit Barnett Shale
August 10, 2016 4:37 PM EDTChesapeake 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... MoreWilliams Partners (WPZ), Williams (WMB) to Sell Canadian Businesses in C$1.35B Deal
August 8, 2016 4:32 PM EDTWilliams (NYSE: WMB) and Williams Partners (NYSE: WPZ) announced today they have agreed to sell the companies Canadian businesses to Inter Pipeline Ltd. for combined cash proceeds of $1.35 billion CAD.
In connection with the sale, Williams agreed to waive $150 million USD of incentive distribution rights in the quarter following closing to facilitate the Partnerships consent to the sale in recognition of the value of... More
