Chesapeake’s Third Quarter Highlighted by Strong Production, Continued Balance Sheet Repair
Chesapeake delivered a solid third quarter, all things considered, with production well above our forecast and continued progress on repairing its balance sheet. The company’s high financial and operating leverage and their resulting impact on cash flows continue to warrant an extreme uncertainty rating in our opinion, although with the upward surge in oil and gas prices over the past few months, the company’s near-term outlook has improved. Nevertheless, at this time our $2 fair value estimate ...Chesapeake Energy is a holding company. Through its subsidiaries, the company is an independent exploration and production company engaged in the acquisition, exploration and development of properties to produce oil, natural gas and natural gas liquid from underground reservoirs. The company owns a portfolio of onshore U.S. liquids and natural gas assets. The company has positions in the resource plays of the Eagle Ford Shale in South Texas, the stacked pay in the Powder River Basin in Wyoming and the Anadarko Basin in northwestern Oklahoma. The company's natural gas resource plays are the Marcellus Shale in the northern Appalachian Basin in Pennsylvania and the Haynesville/Bossier Shales in northwestern Louisiana.
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