+1 on BP, and I was a buyer today. I had already made money by the end of the day...
+1 on BP, and I was a buyer today. I had already made money by the end of the day...
http://www.reuters.com/article/2012/05/01/us-chesapeake-mcclendon-idUSBRE8400RI20120501
Chesapeake says to replace McClendon as chairman... Shares in Chesapeake rallied more than 9 percent in premarket trading on the news.
McClendon ... will also end a controversial program that grants him minority stakes in Chesapeake's wells as of June 30, 2014, a year-and-a-half before the program was scheduled to end.
I think the writing was on the wall, and they needed to take some serious (perhaps drastic) action to restore confidence in the company. I also bet a new chairman will start to hack down that debt through a lot of cost cutting. He may not be as popular as ol' Aubrey was. Maybe Aubrey just didn't want to be the bad guy.
Chesapeake says to replace McClendon as chairman... Shares in Chesapeake rallied more than 9 percent in premarket trading on the news.
McClendon ... will also end a controversial program that grants him minority stakes in Chesapeake's wells as of June 30, 2014, a year-and-a-half before the program was scheduled to end.
I think the writing was on the wall, and they needed to take some serious (perhaps drastic) action to restore confidence in the company. I also bet a new chairman will start to hack down that debt through a lot of cost cutting. He may not be as popular as ol' Aubrey was. Maybe Aubrey just didn't want to be the bad guy.
Interesting stuff to say the least.... I would hate to see them hit bankruptcy as the article in the Daily Oklahoman on Sunday hinted, as I think they have done a lot of good things for the community.
I just always wondered how they could be spending the tons of money at 63rd/western and hiring dozens of people EVERY month.
I just always wondered how they could be spending the tons of money at 63rd/western and hiring dozens of people EVERY month.
My Chesapeake Granite Wash Trust (CHKR) is doing very well. I hope they stay the course.
McClendon will still be CEO. Had I known what a clown this guy was I would of never sunk a chunk of change in CHK. They made me some money early on when they went to $70+ then lost me a whole bunch when they had a metoric fall to $17. He did an interview on Mad Money or some investent show and looked like a total ass.
Natural gas is our future IMO and with CHK being the 2nd largest producer I thought I had a winner, until McClendon was forced to sell 90% of his shares due to a margin call in 2008.... Now he just finds what I'll call shady ways to make it back.
They should margin call his butt and cut back production, might as well wipe out the board too as McClendon is using them as puppets. Bringing in a new Chairman to sit among the same board members that McClendon manipulated for the past several years is not going to make any difference.
Natural gas is our future IMO and with CHK being the 2nd largest producer I thought I had a winner, until McClendon was forced to sell 90% of his shares due to a margin call in 2008.... Now he just finds what I'll call shady ways to make it back.
They should margin call his butt and cut back production, might as well wipe out the board too as McClendon is using them as puppets. Bringing in a new Chairman to sit among the same board members that McClendon manipulated for the past several years is not going to make any difference.
Last edited:
http://www.reuters.com/article/2012/05/02/us-chesapeake-mcclendon-hedge-idUSBRE8410GG20120502
As chairman and CEO of Chesapeake Energy Corp, Aubrey McClendon has been a powerhouse in the vast U.S. natural gas market, directing the company's multibillion dollar energy-trading operation and setting output targets for America's second-largest producer.
McClendon also ran a lucrative business on the side: a $200 million hedge fund that traded in the same commodities Chesapeake produces.
It's looking worse by the day.
As chairman and CEO of Chesapeake Energy Corp, Aubrey McClendon has been a powerhouse in the vast U.S. natural gas market, directing the company's multibillion dollar energy-trading operation and setting output targets for America's second-largest producer.
McClendon also ran a lucrative business on the side: a $200 million hedge fund that traded in the same commodities Chesapeake produces.
It's looking worse by the day.
Where is the news. Every 52 weeks any stock has a low and a high. From what I can gather, CHK, as part of his compensation / incentive package, gives its CEO a stake in every well. He borrowed money against the stake in these wells. It's value fell, not a big shocker in oil and gas wells. It looks to me like the lenders didn't do their due diligence.
Is McClendon a crook? Damifino. A lot of Independent oil and gas exploration / production companies may be close to their 52 week lows. Mine is. I would like to have that deal on just the wells I work on. But I wouldn't want to have to pay for the dry holes I work on.
Is McClendon a crook? Damifino. A lot of Independent oil and gas exploration / production companies may be close to their 52 week lows. Mine is. I would like to have that deal on just the wells I work on. But I wouldn't want to have to pay for the dry holes I work on.
Last edited:
I saw that when I checked my stocks. I think if it does, indeed, "freefall." I'm going to buy and hold some more.
