Chesapeake head says company not for sale
Associated Press - November 12, 2008 9:25 AM ET
OKLAHOMA CITY (AP) - The chairman and chief executive of Chesapeake Energy says the Oklahoma City-based company "is not and has not been for sale."
Aubrey McClendon says in an e-mail to Chesapeake employees that rumors last week of the company being the target of a takeover were rumors only.
McClendon says he couldn't respond to the rumors earlier because of a pending announcement on a joint venture with a Norwegian company to drill for natural gas in the northeastern U.S.
He says he regrets if the rumors caused employees any concern about their jobs or the well-being of Chesapeake.
Information from: The Oklahoman, http://www.newsok.com
OKLAHOMA CITY (AP) - The chairman and chief executive of Chesapeake Energy says the Oklahoma City-based company "is not and has not been for sale."
Aubrey McClendon says in an e-mail to Chesapeake employees that rumors last week of the company being the target of a takeover were rumors only.
McClendon says he couldn't respond to the rumors earlier because of a pending announcement on a joint venture with a Norwegian company to drill for natural gas in the northeastern U.S.
He says he regrets if the rumors caused employees any concern about their jobs or the well-being of Chesapeake.
Information from: The Oklahoman, http://www.newsok.com
Views: 17
Replies to This Discussion
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Permalink Reply by LP on
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Intrepid,
Sometimes that's the case. This announcement caused CHK stock to drop so I can't see the news as being a ploy.
I hope it's true that Chesapeake is NOT selling to British Petroleum. If there is a takeover by "BP", I hope the initials stand for Boone Pickens. :-) -
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Permalink Reply by Martin on
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On November 5 Bloomberg news carried an article that British Petroleum and CHP were discussing the sale of Chesapeake's holdings in the Marcellus shale in Pennsylvania and West Virginia. Further noted in the article was that the "chatter" in London was that BP was interested in acquiring Chesapeake. Also WSJ 10/16 article also mentioned the BP interest in CHP. After the article in Bloomberg, CHP stock closed up by about $1.85 if memory serves.
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Permalink Reply by Spring Branch,mineral owner on
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As far as further development of the Haynesville Shale is concerned, I believe we, as royalty owners, are much better off with Chesapeake remaining independent. Chesapeake is a very aggressive driller and has drilled about as many horizontal Haynesvilles as Petrohawk , Shell, Encana, El Paso and Comstock put together. The mega companies like Shell can become lazy because they have so much beaurocracy; too many layers of management and the left hand doesn't know what the right hand is doing!
Remember, I'm not talking about the share price, I'm talking about the royalty owners benefitting. -
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