With Project Canary's independent, trusted technology, Chesapeake Energy will produce responsibly sourced gas from Marcellus and Haynesville shale plays DENVER and Project Canary and Chesapeake Energy Corp. launched a pilot partnership to produce certified responsibly sourced natural gas at select well pads in the Marcellus and Haynesville shales, the companies announced today. Chesapeake Energy will produce RSG using [...]
Chesapeake Energy Corp. announced today that it has successfully concluded its restructuring process and emerged from Chapter 11, satisfying all conditions precedent under its Plan of Reorganization . Highlights of the reorganized Chesapeake include: Anticipated cumulative free cash flow of more than $2 billion over the next five years, providing stability and optionality to return cash to shareholders Targeting long-term [...]
Proceeds Will be Used to Partially Fund Emergence From Chapter 11 Chesapeake Energy Corp. today announced the pricing of the previously announced offering by its wholly-owned indirect subsidiary, Chesapeake Escrow Issuer LLC of $500 million aggregate principal amount of 5.500% senior notes due 2026 and $500 million aggregate principal amount of 5.875% senior notes due 2029 pursuant to exemptions from registration under [...]
Proceeds Will be Used to Partially Fund Emergence From Chapter 11 Chesapeake Energy Corp. today announced that, subject to market conditions, Chesapeake's wholly-owned indirect subsidiary, Chesapeake Escrow Issuer LLC , intends to offer $500 million aggregate principal amount of senior notes due 2026 and $500 million aggregate principal amount of senior notes due 2029 pursuant to exemptions from registration under the [...]
Chesapeake Energy Corp. today announced that the U.S. Bankruptcy Court for the Southern District of Texas has approved the Company's motions seeking a variety of "first-day" relief, including authority to pay owner royalties, employee wages and benefits, and certain vendors and suppliers in the ordinary course for goods and services provided. Chesapeake intends to use the proceedings to strengthen its balance sheet and [...]
Chesapeake Energy Corp. today was notified by the New York Stock Exchange of its determination to commence proceedings to delist the Company's common stock and to suspend trading of the Company's common stock due to the Company's decision to voluntarily file for reorganization under Chapter 11 of the Bankruptcy Code. The Company anticipates that effective June 30, 2020 its common stock will commence trading on the OTC [...]
- Restructuring Process Designed to Align Balance Sheet and Capital Structure with Strong Operating Platform and Diverse Asset Portfolio - Will Continue to Operate in the Ordinary Course throughout Restructuring Process - Obtains Commitments for $925 Million in DIP Financing to Support Operations; Seeks Court Authorization for Post-Petition Payments for Owner Royalties, Wages and Benefits, Vendors and Suppliers [...]
Chesapeake Energy Corp. today announced that it has filed its Form 10-Q for the three-month period ended March 31, 2020 and, in light of the unprecedented market environment, has withdrawn the financial outlook it previously provided on February 26, 2020. The Company is currently working with its financial and legal advisors to best position Chesapeake for the future, including analyzing all available strategic [...]
Chesapeake Granite Wash Trust today announced that its common unit distribution for the quarter ended March 31, 2020 will be $0.0291 per common unit. The distribution will be paid on June 1, 2020 to common unitholders of record at the close of business on May 20, 2020. The following table provides supporting documentation, as provided by Chesapeake Energy Corp. to the Trust, for the calculation of distributable income [...]
Chesapeake Energy Corp. announced today that its Board of Directors adopted a shareholder rights plan designed to protect the availability of Chesapeake's net operating loss carryforwards under the Internal Revenue Code . As of December 31, 2019, Chesapeake had U.S. federal NOLs of approximately $7.6 billion available to offset its future federal taxable income. Chesapeake's ability to use these NOLs would be [...]
Chesapeake Energy Corp. announced today that it has suspended payment of dividends on each series of its outstanding convertible preferred stock effective immediately. Suspension of the dividend does not constitute an event of default under any of the company's debt instruments. Headquartered in Oklahoma City, Chesapeake Energy Corp.'s operations are focused on discovering and developing its large and geographically [...]
Chesapeake Energy Corp. today announced that, at a special meeting of shareholders of the Company held on April 13, 2020, its shareholders voted to approve: a proposal authorizing the Board of Directors of the Company to effect a reverse stock split of the Company's issued and outstanding common stock at a ratio ranging from 1-for-50 to 1-for-200 and a proposal to reduce the total number of authorized shares of the [...]
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