Why is the media silent about the real situation at CHK? We know they reported the number laid off, but nothing more. Like why stock is at the $3 plus, while other oil and gas companies are faring better. Seriously, its like the company dropped off the face of the earth. The only reminder of the old Cheaspeake is the arena downtown.
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No. They can’t afford it.
Amen to that.
Your plain and painful facts are wrong. AKM wasn't a spineless coward like the current CEO to sit around and watch the company burn into the ground while lining up his and his cronies pockets with cash. The current CEO is the kind of guy who would not take responsibilities for the company's poor performance even after five years of being in power and point the finer at the AKM for company's poor performance and say I need several decades to make the company profitable. If you can't steer this ship around, it's time you step down and let someone with real leadership take over. AKM was a man of action and foresight who always had his eyes and ear open for great investment opportunists. He would have have adjusted to low commodity and made a couple of big moves, something the current executive management has no idea how to do. He would have sold a couple of big assets and got us into the STACK and PERMIAN where wells are competitive at low commodity price.
The company cannot live in a vacuum and cost cut/frac its way to success. We need lease plays and deals in the higher return areas. This takes people getting out there and doing transactions with 3rd parties and raising capital to share the risk. Who is going to do this?
AND AKM DROVE THIS COMPANY TO OVER $16 BILLION IN DEBT!!!!!! THATS WHY CHK IS IN THE SHAPE ITS IN!! IT WILL TAKE DECADES TO REPAIR THE SHELL OF DEBT RIDDEN CORPORATE RAIDING THAT HE DID FOR HIS PERSONAL GAIN. AKM AND HIS BAND OF CORRUPT VP’S LEFT CHK WITH MILLIONS IN THEIR POCKETS AND A DEBT RIDDEN COMPANY FOR THOSE LEFT BEHIND TO TRY AND SAVE IT! Those are the plain and painful facts !
AKM knew how to do deals and raise money. He was the leader in lease plays was always developing leading technologies and hired the top people no matter where they were or who they were employed by. CHK constantly had access to new deals and people came to CHK to sell leases, wells and companies. Have you seen any of this in the past 5 years? He had his faults but he kept the investment constantly interested as they didn't want to miss out an opportunity.
Let me say this...2009 the Lord spoke to me that He would dismantle CHK and people would say, "remember when..." insert memory. This was the judgement issued by God regarding this company during this time and here we are today seeing that prophecy come to pass.
@Rxi4xt8-xmt Hit the nail on the head. Wake up - this is why no one should feel blind sided. This is why it doesn’t matter if you’ve always been a good performer and still got cut. Basic economics.
The beloved AKM ran the company into the ground. Here are a few tidbits known on the OKC campus: 1. During AKM’s tenure, CHK had Olympic rowers on the payroll. 2. Various execs used the Corp jets for personal use. 3. Recall all of the parties? Summer time happy hours, monthly wine tastings, quarterly wine dinners - all either paid for or subsidized by CHK. 4. The margin call? AKM lost his a-- - so he “sold” a bunch of maps to CHK for an obscene amount of money. Why the hell does an EP company need maps? 5. CHK used to have the largest magnum wine collection in the world - worth millions. This was all kept in the Creeksode building in a relatively unknown vault.
Under AKM there was a massive amount of waste. This is the same mentality of people living beyond their means but unwilling to adhere to a budget and they ultimately go bankrupt. That kind of excess cannot be maintained - especially when commodity prices tank.
Why are other companies performing better? They acted responsibly and didn’t incur debt like AKM did. He gambled the company’s future away at the expense of the employees. He’s no saint.
we are so small - they do not care. 3B market cap. we are peanuts in the grand schema of things. why would you even spend time writing about it.
pick a larger company, folks will read about it, pick chk, nobody would know what's that all about
Yep. Done. That's all that needs to be said. So sad
Why is Chesapeake stock not rising? Because they have more debt then assets. Even if Chesapeake sold off everything, 100%, and closed the doors they would still owe money. All their assets won’t cover the debt. Therefore stocks won’t rise.
Like someone else told you. You should plan on the stock going even lower.
You should plan for the stock to go even lower.