|Bid||0.00 x 1000|
|Ask||0.00 x 800|
|Day's Range||46.69 - 47.83|
|52 Week Range||40.00 - 50.00|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||59.25|
It was a big week for oil markets as demand optimism sent oil prices beyond $65 and oil majors reported promising earnings, but prices pulled back on Friday morning as covid concerns in India grew
(Bloomberg) -- Chesapeake Energy Corp., the once mighty shale explorer that exited bankruptcy earlier this year, is seeking to sell oil-producing assets in South Texas for as much as $2 billion, according people familiar with the plan.The Oklahoma City-based producer is working with a pair of advisers to offer the assets in the Eagle Ford shale, said the people, asking not to be named because the discussions are private.Once known for its aggressive growth through acquisitions during the shale boom, Chesapeake joined other producers in filing for bankruptcy protection last year after the pandemic devastated demand for energy. When the company exited restructuring in February, CEO Doug Lawler declared it was “a new era for shale.”The potential sale comes at a time when the company has announced Lawler is departing on April 30, after eight years with the company.Reuters reported the plan for the Eagle Ford shale assets earlier. Chesapeake declined to comment.In 2018, Lawler oversaw a deal to buy 420,000 acres of leases from Houston-based Wildhorse Resources in the eastern end of the Eagle Ford, known as the Brazos Valley.The shale driller also owns and operates 220,000 acres of oil and natural gas leases in the western end of the Eagle Ford.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Chesapeake Energy Corp. is searching for its next chief executive officer after the sudden departure of Doug Lawler less than three months on from the company’s exit from bankruptcy and as speculation swirls about shale-industry consolidation.Lawler’s departure is effective April 30 and Chairman Mike Wichterich will serve as interim CEO, the Oklahoma City-based company said Tuesday in a statement. “Doug leaves the Company in a great position for future success, and this decision is not a reflection of his performance or the result of any action on his part,” Wichterich said in an email to employees that was seen by Bloomberg. “The search for a new CEO will likely take several months.”Chesapeake may play a part in future consolidation of the fragmented U.S. natural gas industry. It was weighing an offer for Alta Resources that could value the closely held explorer at more than $3 billion, people familiar with the matter said last month.Lawler, a former chief of overseas exploration at Anadarko Petroleum Corp., was billionaire investor Carl Icahn’s hand-picked choice to lead the oil and gas company in 2013. He pursued a style that was in stark contrast to the extravagance of the late Aubrey McClendon, slashing costs and reducing the size of the workforce by about 90%.In one of the most recent signs of the austerity at Chesapeake, the Oklahoma City Thunder said last week the company is terminating its naming rights agreement for the NBA basketball team’s arena. Lawler will walk away with $6.4 million in severance pay.Chesapeake grappled with, and was eventually overwhelmed by, huge debts racked up during an earlier period of soaring energy prices, filing for bankruptcy in June of last year with more than $9 billion in borrowings. The company emerged from Chapter 11 bankruptcy protection in February as a much smaller company.The company’s shares were little changed at $46.87 at the close of New York trading.(Adds severance pay in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.