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Preferred stocks of Chesapeake Energy Corp

SymbolPriceYieldDescription
CHKDG86.255.70
CHKVZ910.006.30
CHKDH74.887.00
CHKPRD10.225.124.50% Cumulative Convertible Preferred Stock
CHKDP850.006.805 3/4 % Pfd Shs
CHKDJ860.636.605 3/4 % Cum Non-Voting Conv Pfd Shs Reg-S
4GGB.Singapore0.000.005 3/4 % Conv Pfd Shs Series -A- -144A-
4GJB.Singapore0.000.005 3/4 % Cum Non-Voting Conv Pfd Shs Reg-S
CHKVP848.076.805 3/4 % Cum Conv Pfd Shs Series -A-
CKRGZ0.000.005 3/4 % Pfd Shs -144A
CHKWZ0.000.005 3/4 % Conv Pfd Shs Series -A- -144A-

Guru Investment Theses on Chesapeake Energy Corp

Mason Hawkins Comments on Chesapeake - Feb 11, 2015

Chesapeake (CHK) declined 21% for the full year and 14% in the fourth quarter. Since Chesapeake’s heavily vested Board took over in mid-2012, the company has delivered the balance sheet and improved production from its irreplaceable 12 +million net acres of oil and gas fields. CEO Doug Lawler is driving value recognition in ways he can control – selling assets at reasonable prices, reducing debt, and increasing operating efficiencies in both corporate and production activity. In the first half of the year, Chesapeake sold non-core acreage in Oklahoma, Texas, and Pennsylvania and spun-off its oilfield services business into Seventy-Seven Energy, which we sold. In the fourth quarter, Chesapeake closed the sale of Marcellus and Utica assets to Southwestern Energy for $5 billion. This amounted to roughly 8% of Chesapeake’s production for nearly half its market cap. Management announced plans to use $1 billion of the proceeds to repurchase the heavily discounted shares.

From Mason Hawkins (Trades, Portfolio)’ Longleaf Partners Fund Q4 2014 Management Discussion.

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Bill Nygren Comments on Chesapeake Energy - Jan 09, 2015

Chesapeake Energy (CHK - $19.57)

Chesapeake Energy is one of the largest oil and natural gas producers in the United States. The company has a storied history. Since its founding in 1989, it grew rapidly by acquiring acreage positions across North America’s largest resource plays. In our view, this growth left the company flush with high-quality assets, but financially overextended and operationally inefficient. During the past two years, the board of directors and the executive management team were replaced with new, shareholder-oriented leaders. This team began overhauling Chesapeake quickly by reducing leverage, simplifying the company’s financial structure and refocusing capital allocation on the highest return uses. In the past 18 months, Chesapeake has managed to spin off its non-core oilfield services business, sell billions of dollars of assets to reduce leverage, cut its capital spending budget by two-thirds and reduce general and administrative expenses by half. We believe these actions show that management’s focus has shifted away from acreage growth and toward maximizing shareholder returns. Chesapeake’s shares are trading at less than the company’s book value and at just 11x earnings per share. We see this as a bargain price for such high quality oil and gas assets run by what we believe is a strong, shareholder-friendly management team.



From Bill Nygren (Trades, Portfolio)'s Oakmark Fund – 4Q 2014 Letter.





Another way we seek to capture losses is to replace losing stocks with similar, but equally attractive, stocks. An example in the Oakmark Fund from this past quarter was selling our remaining Cenovus (CVE) shares and redeploying the proceeds into Chesapeake (CHK). We believe Cenovus is a fine, well-managed company, but due to rapidly declining oil prices, it had fallen beneath our purchase price. Another company we believed was also fine and well-managed, Chesapeake, had fallen to a price where it appeared to us to be more attractive than Cenovus. So even though Cenovus was far beneath our sell target, we captured the loss, increased our exposure to an energy sector we thought was cheap and switched to a stock we believed was somewhat more attractive.



From Bill Nygren's 4Q 2014 Market Commentary.



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Mason Hawkins Comments on Chesapeake - Oct 20, 2014

Our appraisals of our three energy-related holdings did not fall in spite of large stock declines, because our models already incorporated lower commodity prices based on the futures curve pricing and the marginal cost of production in our various plays. Chesapeake (CHK) fell 20% in the quarter. While costs declined, capex remained on plan, and the company moved production estimates up slightly. During the two year tenure of the new board, balance sheet leverage has been reduced by $6 billion, primarily from noncore asset sales. CEO Doug Lawler is driving value recognition in ways he can control and is building additional upside with the $2–3 billion of annual discretionary capital spending that management projects should deliver strong returns on capital, even without higher commodity prices. The company’s 4.8 million net developed acres and 7.5 million undeveloped acres of oil and gas fields cannot be replicated.

From Mason Hawkins (Trades, Portfolio)’ Longleaf Partners Q3 2014 Management Discussion.

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Longleaf Partners Fund Comments on Chesapeake - Jul 24, 2014

The biggest performance drivers in the quarter were among the companies that contributed most to YTD gains. Chesapeake (CHK), the U.S. oil and gas exploration and production company, rose 22% in the quarter and was up 15% YTD. During the quarter, the company announced better-than-expected production and realizations and raised yearly guidance on both of these metrics. Management continued to execute on the capital efficiency strategy, highlighted by the spin-off at quarter-end of its oilfield services business into a publicly traded company called Seventy Seven Energy. The spin-off eliminated approximately $1.5 billion of net debt from Chesapeake’s balance sheet. Divestitures of noncore acreage in Oklahoma, Texas, and Pennsylvania were also completed. Our CEO partner, Doug Lawler, is positioning the company to focus on its strong assets in the Eagle Ford, Marcellus and Utica plays, while growing production profitably and keeping capital expenditures within cash flow.

From Mason Hawkins (Trades, Portfolio)’ Longleaf Partners Fund Semi Annual 2014 Management Discussion.

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Mason Hawkins Comments on Chesapeake Energy - Feb 17, 2014

Chesapeake Energy (CHK) was the largest contributor in 2013, up 59%. Together with new CEO Doug Lawler, the board that we helped seat in 2012 is instilling financial and operating discipline into the company. Over the last 19 months, the company reduced SG&A, sold a number of non- core assets, decreased capex, and committed to living within its cash flow in 2014. The company is focusing on its strong assets in the Eagle Ford, Marcellus, and Utica plays in order to grow production profitably. Even after the stock's gains, Chesapeake's oil and gas reserves sell for a discount to our appraisal. That appraisal would grow significantly in the long-term bull case for low cost natural gas replacing coal for power generation, fostering manufacturing renewal in the U.S., displacing some oil as a transportation fuel, and becoming a major export.



From Mason Hawkins (Trades, Portfolio)' 2013 Partners Fund management discussion.

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Mason Hawkins Comments on Chesapeake - Aug 13, 2013

Our participation in overhauling the Chesapeake (CHK) board last year is paying off. The stock has gained 23% YTD and is the Fund's largest holding. During the second quarter, Doug Lawler, who was formerly a Senior Vice President and on the Executive Committee at Anadarko Petroleum, became CEO of CHK. His compensation aligns his interests with shareholders. He is committed to increasing oil production, lowering operating costs, and reducing debt to extract value from CHK's strong set of assets.

From Mason Hawkins' semi-annual 2013 report.
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Top Ranked Articles about Chesapeake Energy Corp

Carl Icahn Increases Two of His Largest Stakes
In the closing days of March, guru Carl Icahn (Trades, Portfolio) shored up two of his largest stakes. One, in fact – Federal-Mogul Holdings Corp (FDML) – is the largest in his portfolio. Read more...
Bill Nygren Buys, Comments on 2 Stocks in Q4
Bill Nygren (Trades, Portfolio) manages the Oakmark Fund, which focuses on large-cap stocks in the U.S. It has returned 13.27% annualized since inception in 1991, compared to 9.65% for the S&P 500 benchmark index. Read more...
Bill Nygren Buys 2 New Stocks in Q4
Bill Nygren (Trades, Portfolio) is the manager of the Oakmark Fund, Select Fund, and Global Select Fund. In 2001, Morningstar named him the Domestic Stock Manager of the Year. Read more...
Mason Hawkins Comments on Chesapeake
Chesapeake (CHK) declined 21% for the full year and 14% in the fourth quarter. Since Chesapeake’s heavily vested Board took over in mid-2012, the company has delivered the balance sheet and improved production from its irreplaceable 12 +million net acres of oil and gas fields. CEO Doug Lawler is driving value recognition in ways he can control – selling assets at reasonable prices, reducing debt, and increasing operating efficiencies in both corporate and production activity. In the first half of the year, Chesapeake sold non-core acreage in Oklahoma, Texas, and Pennsylvania and spun-off its oilfield services business into Seventy-Seven Energy, which we sold. In the fourth quarter, Chesapeake closed the sale of Marcellus and Utica assets to Southwestern Energy for $5 billion. This amounted to roughly 8% of Chesapeake’s production for nearly half its market cap. Management announced plans to use $1 billion of the proceeds to repurchase the heavily discounted shares. Read more...
Bill Nygren Comments on Chesapeake Energy
Chesapeake Energy (CHK - $19.57)
Read more...
Mason Hawkins Comments on Chesapeake
Our appraisals of our three energy-related holdings did not fall in spite of large stock declines, because our models already incorporated lower commodity prices based on the futures curve pricing and the marginal cost of production in our various plays. Chesapeake (CHK) fell 20% in the quarter. While costs declined, capex remained on plan, and the company moved production estimates up slightly. During the two year tenure of the new board, balance sheet leverage has been reduced by $6 billion, primarily from noncore asset sales. CEO Doug Lawler is driving value recognition in ways he can control and is building additional upside with the $2–3 billion of annual discretionary capital spending that management projects should deliver strong returns on capital, even without higher commodity prices. The company’s 4.8 million net developed acres and 7.5 million undeveloped acres of oil and gas fields cannot be replicated. Read more...
Longleaf Partners Fund Comments on Chesapeake
The biggest performance drivers in the quarter were among the companies that contributed most to YTD gains. Chesapeake (CHK), the U.S. oil and gas exploration and production company, rose 22% in the quarter and was up 15% YTD. During the quarter, the company announced better-than-expected production and realizations and raised yearly guidance on both of these metrics. Management continued to execute on the capital efficiency strategy, highlighted by the spin-off at quarter-end of its oilfield services business into a publicly traded company called Seventy Seven Energy. The spin-off eliminated approximately $1.5 billion of net debt from Chesapeake’s balance sheet. Divestitures of noncore acreage in Oklahoma, Texas, and Pennsylvania were also completed. Our CEO partner, Doug Lawler, is positioning the company to focus on its strong assets in the Eagle Ford, Marcellus and Utica plays, while growing production profitably and keeping capital expenditures within cash flow. Read more...
Longleaf Partners Fund Semi Annual 2014 Management Discussion
Longleaf Partners Fund returned 6.8% in the second quarter, outpacing the S&P 500’s return of 5.2%. The Fund slightly trailed the Index year-to-date (YTD), with the performance of each rounding to 7.1%. The Partners Fund remained ahead of the Index as well as our absolute return goal of inflation plus 10% in the trailing year, despite our elevated cash position. Read more...
Seventy Seven Energy's High Debt Load Makes It An "Avoid"
Seventy Seven Energy was up yesterday in a down market with the news that Carl Icahn (Trades, Portfolio) has a 9.97 percent stake in the company. He merely received the shares as a spin-off and did not actively purchase the shares. Many spin-offs have had great performances over the years, so I wanted to see if Seventy Seven’s stock fit the characteristics of a successful spinoff. Read more...
» More Articles for CHK

Ratios

vs
industry
vs
history
Forward P/E 1250.00
CHK's Forward P/E is ranked lower than
107% of the 254 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 23.64 vs. CHK: 1250.00 )
Ranked among companies with meaningful Forward P/E only.
N/A
P/B 1.00
CHK's P/B is ranked lower than
94% of the 410 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.00 vs. CHK: 1.00 )
Ranked among companies with meaningful P/B only.
CHK' s 10-Year P/B Range
Min: 0.39   Max: 3.7
Current: 1

0.39
3.7
P/S 0.60
CHK's P/S is ranked higher than
75% of the 376 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.00 vs. CHK: 0.60 )
Ranked among companies with meaningful P/S only.
CHK' s 10-Year P/S Range
Min: 0.51   Max: 5.42
Current: 0.6

0.51
5.42
POCF 2.90
CHK's POCF is ranked higher than
67% of the 342 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 4.43 vs. CHK: 2.90 )
Ranked among companies with meaningful POCF only.
CHK' s 10-Year POCF Range
Min: 1.08   Max: 6.25
Current: 2.9

1.08
6.25
Current Ratio 1.01
CHK's Current Ratio is ranked lower than
60% of the 562 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.25 vs. CHK: 1.01 )
Ranked among companies with meaningful Current Ratio only.
CHK' s 10-Year Current Ratio Range
Min: 0.44   Max: 3.11
Current: 1.01

0.44
3.11
Quick Ratio 1.01
CHK's Quick Ratio is ranked lower than
58% of the 562 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.23 vs. CHK: 1.01 )
Ranked among companies with meaningful Quick Ratio only.
CHK' s 10-Year Quick Ratio Range
Min: 0.41   Max: 3.05
Current: 1.01

0.41
3.05
Days Sales Outstanding 32.13
CHK's Days Sales Outstanding is ranked higher than
62% of the 462 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 39.78 vs. CHK: 32.13 )
Ranked among companies with meaningful Days Sales Outstanding only.
CHK' s 10-Year Days Sales Outstanding Range
Min: 26.44   Max: 126.1
Current: 32.13

26.44
126.1

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 2.40
CHK's Dividend Yield is ranked lower than
166% of the 169 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 11.76 vs. CHK: 2.40 )
Ranked among companies with meaningful Dividend Yield only.
CHK' s 10-Year Dividend Yield Range
Min: 0.44   Max: 2.74
Current: 2.4

0.44
2.74
Dividend Payout 0.21
CHK's Dividend Payout is ranked higher than
78% of the 125 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.00 vs. CHK: 0.21 )
Ranked among companies with meaningful Dividend Payout only.
CHK' s 10-Year Dividend Payout Range
Min: 0.01   Max: 4.4
Current: 0.21

0.01
4.4
Dividend growth (3y) 11.90
CHK's Dividend growth (3y) is ranked higher than
71% of the 87 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 4.00 vs. CHK: 11.90 )
Ranked among companies with meaningful Dividend growth (3y) only.
CHK' s 10-Year Dividend growth (3y) Range
Min: 0   Max: 48.1
Current: 11.9

0
48.1
Yield on cost (5-Year) 3.01
CHK's Yield on cost (5-Year) is ranked lower than
149% of the 180 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 12.20 vs. CHK: 3.01 )
Ranked among companies with meaningful Yield on cost (5-Year) only.
CHK' s 10-Year Yield on cost (5-Year) Range
Min: 0.55   Max: 3.43
Current: 3.01

0.55
3.43
Share Buyback Rate -0.90
CHK's Share Buyback Rate is ranked higher than
75% of the 414 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -7.40 vs. CHK: -0.90 )
Ranked among companies with meaningful Share Buyback Rate only.
CHK' s 10-Year Share Buyback Rate Range
Min: 2.6   Max: -32.1
Current: -0.9

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 1.00
CHK's Price/Tangible Book is ranked lower than
82% of the 402 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.00 vs. CHK: 1.00 )
Ranked among companies with meaningful Price/Tangible Book only.
CHK' s 10-Year Price/Tangible Book Range
Min: 0.56   Max: 12.05
Current: 1

0.56
12.05
Price/Median PS Value 0.40
CHK's Price/Median PS Value is ranked higher than
62% of the 426 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.60 vs. CHK: 0.40 )
Ranked among companies with meaningful Price/Median PS Value only.
CHK' s 10-Year Price/Median PS Value Range
Min: 0.13   Max: 6.93
Current: 0.4

0.13
6.93
Price/Peter Lynch Fair Value 1.90
CHK's Price/Peter Lynch Fair Value is ranked lower than
116% of the 76 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 9999.00 vs. CHK: 1.90 )
Ranked among companies with meaningful Price/Peter Lynch Fair Value only.
CHK' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.25   Max: 3.47
Current: 1.9

0.25
3.47
Earnings Yield (Greenblatt) -10.00
CHK's Earnings Yield (Greenblatt) is ranked lower than
92% of the 494 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.00 vs. CHK: -10.00 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) only.
CHK' s 10-Year Earnings Yield (Greenblatt) Range
Min: -10   Max: 15.6
Current: -10

-10
15.6
Forward Rate of Return (Yacktman) -59.47
CHK's Forward Rate of Return (Yacktman) is ranked lower than
87% of the 194 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -4.99 vs. CHK: -59.47 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) only.
CHK' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -76.1   Max: 45.5
Current: -59.47

-76.1
45.5

Business Description

Industry: Oil & Gas - E&P » Oil & Gas E&P
Compare:OJSCY, APC, APA, HRTPY, SGTZY » details
Traded in other countries:CHKDG.USA, CHKVZ.USA, CS1.Germany, CHKDH.USA, CHKDP.USA, CHKDJ.USA, CHKVP.USA, CHK.Mexico,
Chesapeake Energy Corp was incorporated in Oklahoma in 1989. The Company is a natural gas and oil exploration and production Company engaged in the exploration, development and acquisition of properties for the production of natural gas and crude oil from underground reservoirs and it provides marketing and midstream services. The Company operates in three segments which are managed separately because of the nature of its products and services. Its segments includes; exploration and production; marketing, gathering and compression; and oilfield services. The Company's exploration and production operating segment is responsible for finding and producing natural gas, oil and NGL; it's marketing, gathering and compression operating segment is responsible for marketing, gathering and compression of natural gas, oil and NGL; and its oilfield services operating segment is responsible for drilling, oilfield trucking, oilfield rentals, hydraulic fracturing and other oilfield services operations for both Chesapeake-operated wells and wells operated by third parties. The Company focuses its exploration, development, acquisition and production efforts in the two geographic operating divisions; Southern division and Northern Division. The Company's Southern Division includes the Eagle Ford Shale in South Texas, the Granite Wash/Hogshooter, Cleveland, Tonkawa and Mississippi Lime plays in the Anadarko Basin in northwestern Oklahoma, the Texas Panhandle and southern Kansas, the Haynesville/Bossier Shale in northwestern Louisiana and East Texas and the Barnett Shale in the Fort Worth Basin in north-central Texas. Its Northern Division includes the Utica Shale in Ohio, West Virginia and Pennsylvania, the Marcellus Shale in the northern Appalachian Basin in West Virginia and Pennsylvania and the Niobrara Shale in the Powder River Basin in Wyoming. At December 31, 2014, the Company had interests in approximately 45,100 gross productive wells, including properties in which it held an overriding royalty interest. It competes with both integrated and other independent natural gas and oil companies in acquiring desirable leasehold acreage, producing properties and the equipment and expertise necessary to explore, develop and operate its properties and market its production. The Company's exploration and production operations are subject to various types of regulation at the U.S. federal, state and local levels. Such regulation includes requirements for permits to drill and to conduct other operations and for provision of financial assurances covering drilling and well operations.
» More Articles for CHK

Headlines

Articles On GuruFocus.com
Chesapeake Reports A Mixed Bag Q1 Earnings May 09 2015 
1 Apr 25 2015 
Chesapeake Energy's Smart Asset Management Makes It a Good Buy Apr 20 2015 
Mason Hawkins' First-Quarter 2015 Commentary Apr 16 2015 
Bill Nygren’s Oakmark Fund - 1Q 2015 Letter Apr 08 2015 
Carl Icahn Increases Two of His Largest Stakes Apr 03 2015 
Insiders New Buys: CHK and COCP Apr 03 2015 
Has The Oil Price Finally Bottomed Out? Apr 01 2015 
ge Mar 31 2015 
Chesapeake Energy: Maintain Positive View After Revised Spending Plan Mar 30 2015 

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