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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 2/10

vs
industry
vs
history
Cash-to-Debt 0.03
NYSE:CHK's Cash-to-Debt is ranked lower than
77% of the 449 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.72 vs. NYSE:CHK: 0.03 )
Ranked among companies with meaningful Cash-to-Debt only.
NYSE:CHK' s Cash-to-Debt Range Over the Past 10 Years
Min: 0  Med: 0.06 Max: N/A
Current: 0.03
Equity-to-Asset -0.13
NYSE:CHK's Equity-to-Asset is ranked lower than
88% of the 423 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.51 vs. NYSE:CHK: -0.13 )
Ranked among companies with meaningful Equity-to-Asset only.
NYSE:CHK' s Equity-to-Asset Range Over the Past 10 Years
Min: -0.33  Med: 0.36 Max: 0.56
Current: -0.13
-0.33
0.56
Piotroski F-Score: 5
Altman Z-Score: -2.13
Beneish M-Score: -3.94
WACC vs ROIC
7.42%
-32.85%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 4/10

vs
industry
vs
history
Operating Margin % -37.11
NYSE:CHK's Operating Margin % is ranked lower than
56% of the 429 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -45.13 vs. NYSE:CHK: -37.11 )
Ranked among companies with meaningful Operating Margin % only.
NYSE:CHK' s Operating Margin % Range Over the Past 10 Years
Min: -148.22  Med: 11.69 Max: 33.96
Current: -37.11
-148.22
33.96
Net Margin % -38.51
NYSE:CHK's Net Margin % is ranked lower than
52% of the 429 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -49.17 vs. NYSE:CHK: -38.51 )
Ranked among companies with meaningful Net Margin % only.
NYSE:CHK' s Net Margin % Range Over the Past 10 Years
Min: -115.05  Med: 4.49 Max: 18.94
Current: -38.51
-115.05
18.94
ROA % -25.27
NYSE:CHK's ROA % is ranked lower than
75% of the 496 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -9.02 vs. NYSE:CHK: -25.27 )
Ranked among companies with meaningful ROA % only.
NYSE:CHK' s ROA % Range Over the Past 10 Years
Min: -50.58  Med: 1.74 Max: 5.29
Current: -25.27
-50.58
5.29
ROC (Joel Greenblatt) % -26.69
NYSE:CHK's ROC (Joel Greenblatt) % is ranked lower than
66% of the 470 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -13.05 vs. NYSE:CHK: -26.69 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
NYSE:CHK' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -80.44  Med: 4.29 Max: 10.94
Current: -26.69
-80.44
10.94
3-Year Revenue Growth Rate -29.30
NYSE:CHK's 3-Year Revenue Growth Rate is ranked lower than
69% of the 369 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -18.20 vs. NYSE:CHK: -29.30 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
NYSE:CHK' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -29.3  Med: 17 Max: 118.1
Current: -29.3
-29.3
118.1
GuruFocus has detected 3 Warning Signs with Chesapeake Energy Corp $NYSE:CHK.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» NYSE:CHK's 30-Y Financials

Financials (Next Earnings Date: 2017-08-04 Est.)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

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Guru Trades

Q2 2016

CHK Guru Trades in Q2 2016

Pioneer Investments 22,209 sh (New)
Jim Simons 4,156,403 sh (New)
Steven Cohen 793,800 sh (New)
Arnold Schneider 3,496,549 sh (+29.49%)
John Griffin 8,600,000 sh (+21.81%)
Carl Icahn 73,050,000 sh (unchged)
John Rogers Sold Out
Paul Tudor Jones Sold Out
Charles Brandes 1,916,513 sh (-1.04%)
Murray Stahl 93,652 sh (-10.75%)
Jeremy Grantham 140,547 sh (-21.61%)
David Dreman 3,500 sh (-22.57%)
Mason Hawkins 25,598,735 sh (-58.66%)
» More
Q3 2016

CHK Guru Trades in Q3 2016

Ray Dalio 367,600 sh (New)
Richard Snow 530,350 sh (New)
Leon Cooperman 273,650 sh (New)
Louis Moore Bacon 286,173 sh (New)
Paul Tudor Jones 70,852 sh (New)
Caxton Associates 6,684,500 sh (New)
David Dreman 24,186 sh (+591.03%)
Steven Cohen 5,248,400 sh (+561.17%)
Mason Hawkins 92,221,378 sh (+260.26%)
Arnold Schneider 5,155,330 sh (+47.44%)
John Griffin 12,629,879 sh (+46.86%)
Jeremy Grantham 145,347 sh (+3.42%)
Steven Cohen 3,986,500 sh (unchged)
Jim Simons Sold Out
Carl Icahn Sold Out
Pioneer Investments Sold Out
Charles Brandes 1,910,179 sh (-0.33%)
Murray Stahl 60,838 sh (-35.04%)
» More
Q4 2016

CHK Guru Trades in Q4 2016

John Hussman 13,000 sh (New)
Barrow, Hanley, Mewhinney & Strauss 13,634,760 sh (New)
Jim Simons 2,366,500 sh (New)
Andreas Halvorsen 22,863,982 sh (New)
Jeremy Grantham 332,747 sh (+128.93%)
Ray Dalio 771,600 sh (+109.90%)
Steven Cohen 6,228,147 sh (+18.67%)
Arnold Schneider 5,616,855 sh (+8.95%)
Charles Brandes 1,977,426 sh (+3.52%)
Caxton Associates 6,684,500 sh (unchged)
Leon Cooperman Sold Out
Murray Stahl 57,284 sh (-5.84%)
John Griffin 11,879,879 sh (-5.94%)
David Dreman 22,436 sh (-7.24%)
Richard Snow 330,000 sh (-37.78%)
Mason Hawkins 49,802,519 sh (-46.00%)
Paul Tudor Jones 19,400 sh (-72.62%)
» More
Q1 2017

CHK Guru Trades in Q1 2017

George Soros 32,100 sh (New)
Charles Brandes 3,549,065 sh (+79.48%)
Arnold Schneider 7,534,855 sh (+34.15%)
John Hussman 13,000 sh (unchged)
Ray Dalio Sold Out
Jim Simons Sold Out
David Dreman Sold Out
Murray Stahl Sold Out
Louis Moore Bacon Sold Out
John Griffin Sold Out
Caxton Associates Sold Out
Mason Hawkins 49,554,521 sh (-0.50%)
Barrow, Hanley, Mewhinney & Strauss 13,555,490 sh (-0.58%)
Andreas Halvorsen 20,204,610 sh (-11.63%)
Jeremy Grantham 283,847 sh (-14.70%)
Richard Snow 230,000 sh (-30.30%)
Paul Tudor Jones 12,400 sh (-36.08%)
Steven Cohen 375,000 sh (-93.98%)
» More
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Insider Trades

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Preferred stocks of Chesapeake Energy Corp

SymbolPriceYieldDescription
CHKDG64.003.91Conv Pfd Shs
CHKVZ448.750.005 3/4 % Cum Conv Pfd Shs Series -A- Reg-S
CHKDH80.500.005 % Conv Pfd Shs -144A-
CHKPRD57.881.934.50% Cumulative Convertible Preferred Stock
CHKDP648.004.435 3/4 % Pfd Shs
CHKDJ295.000.005 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
CHKVP629.504.575 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-

Business Description

Industry: Oil & Gas - E&P » Oil & Gas E&P    NAICS: 211111    SIC: 1311
Compare:OTCPK:PREKF, NYSE:CPG, NYSE:WPX, OTCPK:TRMLF, NYSE:NFG, NYSE:EGN, OTCPK:AETUF, OTCPK:SSLTY, NYSE:MUR, NYSE:RICE, NYSE:RRC, NYSE:VET, OTCPK:TUWOY, NAS:CDEV, NYSE:CNX, OTCPK:SVRGF, OTCPK:LNDNF, NYSE:NFX, NYSE:SWN, NAS:PDCE » details
Traded in other countries:CHKE34.Brazil, CS1.Germany, CHK.Mexico,
Headquarter Location:USA
Chesapeake Energy Corp is a natural gas and oil exploration and production company. It explores, develops and acquires properties for the production of natural gas and crude oil from underground reservoirs and also provides marketing & midstream services.

Chesapeake Energy, based in Oklahoma City, explores for, produces, and markets natural gas, oil, and natural gas liquids in the U.S. It focuses on unconventional plays, with large positions in the Barnett, Eagle Ford, Haynesville, Utica, and Marcellus shales, as well as leasehold in a number of liquids-rich basins. Chesapeake controls close to 8 million net acres across its properties. At year-end 2015, the firm's proven reserves totaled 9 trillion cubic feet equivalent, with daily production of 4.1 Bcfe. Natural gas made up 72% of production.

Guru Investment Theses on Chesapeake Energy Corp

Longleaf Partners Comments on Chesapeake Energy - Apr 14, 2017

Chesapeake Energy (NYSE:CHK) (-15%; -0.70%), one of the largest U.S. producers of natural gas, oil, and natural gas liquids, was the largest detractor in the quarter. At the macro level, declines in oil and gas prices pressured the stock. We use the futures strip for both commodities in our appraisal of Chesapeake, even though they are currently trading below the global energy industry’s long run marginal costs. CEO Doug Lawler further improved the company’s financial strength and flexibility, closing two Haynesville deals and reporting another solid operational quarter. We believe he and his team will continue to execute additional asset sales and maintain both operating and capital expense discipline.



From Longleaf Partners Fund first quarter 2017 commentary.



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Bruce Berkowitz Comments on Chesapeake Energy - Jan 31, 2017

In early 2016, news on all things related to oil and natural gas devoted little coverage to how declining commodity prices were forcing energy companies to reduce supply, lower debt, and cut operating costs. Time and again, history shows that a commodity price forges its own anchor. Our credit investments in Chesapeake Energy (NYSE:CHK) performed exceptionally well in 2016 due to the combination of operational efficiencies driving down unit costs, higher natural gas prices, and success with debt buybacks and asset sales.



From Bruce Berkowitz (Trades, Portfolio)'s Fairholme Fund (Trades, Portfolio) annual shareholder letter 2016.

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Longleaf Partners Comments on Chesapeake Energy - Jan 24, 2017

Chesapeake Energy (NYSE:CHK) (+377%; +8.46%), one of the largest U.S. producers of natural gas, oil, and natural gas liquids, was the Fund’s top contributor to performance in 2016 and gained an additional 12% in the fourth quarter. Earlier in the year, we transitioned our equity position into heavily discounted bonds and convertible preferred stock, which offered equity-like returns higher in the capital structure and a potentially faster payback. As the bonds rose close to par, we exited them. At the end of the third quarter, we converted all of our appreciated preferred securities into common stock for an attractive premium. Over the course of the year, management executed beyond expectations, selling various assets, improving the balance sheet through discounted debt repurchases, reducing operating and capital expenditures, and renegotiating midstream contracts. The most recent asset sales in the fourth quarter included a portion of the company’s properties in the Haynesville Shale in northern Louisiana for proceeds of approximately $915 million. Signed or closed asset sales reached $2.5 billion in 2016, exceeding management’s original target of $1 billion. To further strengthen its balance sheet, the company secured a term loan and convertible debt offering, which raised more capital at better terms than expected. Since the beginning of 2012, Chesapeake has reduced debt by 50%, and its remaining fixed liabilities should be well covered in the coming years. The company has targeted a two times net debt over earnings before interests, taxes, depreciation, and amortization (EBITDA) with cash flow neutrality by 2018 and 5 to 15% of annual production growth by 2020. We salute CEO Doug Lawler and Chesapeake’s board, with Brad Martin as Chairman, for their successful pursuit of shareholder value in the face of massive headwinds.





From Longleaf Partners' fourth quarter 2016 commentary.



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Southeastern Asset Management Comments on Chesapeake - Oct 14, 2016

Chesapeake (NYSE:CHK) (+112%; +4.0%), one of the largest U.S. producers of natural gas, oil, and natural gas liquids, was the top contributor to performance during the quarter. Early in the year we swapped our equity position for near-term bonds and preferred stocks which offered equity-like returns and a shorter horizon for value recognition. As management delivered good results, the bonds approached par. Consequently, we sold all of the remaining bonds over the last three months. On the final day of the quarter, we exchanged all of our preferreds into equity at a price well below our appraisal. In the quarter, both operating expenses and capital expenditures continued to improve, additional debt was retired below face value, and management reduced distribution costs through restructuring agreements with Williams and selling the Barnett assets. The company is pursuing more cost improvements and increased its asset sale target for the year to $2 billion after surpassing the original $1 billion goal. Asset sales plus proceeds from the recent upsized term loan and convertible debt offering, which raised more capital at better terms than expected, should cover the company’s obligations for at least three years. We remain confident that CEO Doug Lawler and Chesapeake’s board will continue to successfully navigate the company through this lower-for-longer commodity price environment.



Southeastern Asset Management's Longleaf Partners third quarter 2016 commentary.



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Bill Nygren Comments on Chesapeake - Oct 12, 2016

Recall that earlier in 2016, we swapped most of our Chesapeake (NYSE:CHK) stock at approximately $4 per share for the company’s bonds at $48 per $100 par value, believing the bonds offered similar upside and less downside while capturing a tax loss. Last quarter we reported that the bonds had rallied to $85 per $100 par value, and the stock was trading at $4.28. Given the relative performance of the bonds to the stock and our comfort with the improved liquidity position of the company, we elected to swap back into the stock. Today our position in Chesapeake is exclusively in the form of equity.

From Bill Nygren (Trades, Portfolio)'s Oakmark Select Fund third quarter 2016 commentary.

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Bruce Berkowitz Comments on Chesapeake Energy - Aug 02, 2016

Short-duration bonds of Chesapeake Energy (NYSE:CHK), such as the 7.250% bonds maturing in 2018, were purchased at substantial discounts to par to yield double digit returns. Chesapeake is one of America’s largest producers of natural gas, oil, and natural gas liquids. The company’s assets span numerous U.S. shale basins. New management has navigated the cyclical downturn in oil and gas prices by cutting costs, raising liquidity, and reducing outstanding debt to the lowest level in the last nine years. Though we normally shy away from commodity price forecasting, data shows that natural gas markets have tightened due to waning production growth, expanding exports (to Mexico or via liquefied natural gas), and record domestic demand for electricity generation. Price forges its own anchor. While the company maintains an active hedging program to mitigate future commodity price fluctuations, small improvements in commodity prices can have a significantly positive impact on Chesapeake’s operating results. The company’s $4 billion revolving credit facility was recently reaffirmed and remains almost entirely untapped, which should provide flexibility for Chesapeake to renegotiate gas gathering contracts and shed additional assets to further reduce obligations.

From Bruce Berkowitz (Trades, Portfolio)'s first-half 2016 letter to shareholders.

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Southeastern Asset Management Comments on Chesapeake - Jul 14, 2016

As stated earlier, Chesapeake (NYSE:CHK) (+73%;+3.6%), one of the largest U.S. producers of natural gas, oil, and natural gas liquids, was the Fund’s largest contributor during the quarter. Earlier in the year, we swapped our equity for preferred stock and also added to our Chesapeake position via very discounted bonds and convertible bonds. This repositioning paid off in the quarter; the bonds appreciated more quickly than the stock as the company continued to lower its overall debt through purchases below par and debt for equity swaps. Additionally, in April, Chesapeake had its $4 billion revolving credit facility reaffirmed (90%+ untapped), with the next scheduled redetermination pushed out until June 2017. The company increased liquidity with the sale of about half of its mid-continent STACK (Sooner Trend Anadarko Basin Canadian and Kingfisher Counties) acreage to Newfield at a fair price of over $400 million. In total, net debt has declined by over 10% or $1 billion in 2016. Management projects additional asset sales this year and continues to renegotiate pipeline commitments toward better rates. The company has put on hedges that help mitigate its downside. We remain confident that CEO Doug Lawler and Chesapeake’s board will successfully navigate the company through this particularly challenging commodity price environment.



From Longleaf Partners' second quarter 2016 fund commentary.



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Bill Nygren Comments on Chesapeake - Jul 11, 2016

Earlier in 2016, investors were pricing in significant bankruptcy risk across Chesapeake (NYSE:CHK)’s capital structure. At the time, we believed Chesapeake’s liquidity risks were manageable given the company’s ability to sell assets representing a small percentage of its future production in exchange for cash, making up a meaningful percentage of the company’s enterprise value. We felt that Chesapeake’s bonds at the time had a similar upside to the stock and had the added benefit of higher seniority in the capital structure, so we swapped the preponderance of our Chesapeake equity position into the company’s fixed income securities. On average over the months in which we executed this trade, we sold CHK stock for approximately $4 per share and bought bonds trading for $48.

Commodity prices rose during the quarter, while Chesapeake sold assets for cash without substantially reducing its current EBITDA. We believe that the liquidity profile of the company is now considerably improved. Today the bonds are trading for $85 while the stock is at $4.28, and the relative attractiveness of Chesapeake bonds to its stock has noticeably narrowed. We are very impressed with how well Chesapeake’s management team and board of directors have navigated this challenging commodity price environment, and we remain positive about the long-term prospects for this company.

From Bill Nygren (Trades, Portfolio)'s Oakmark Select Fund second quarter 2016 commentary.

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Brandes Investments Comments on Chesapeake - Jun 15, 2016

The uncertainty with Chesapeake (NYSE:CHK) is (and has been) the natural gas price. We believe that supply and demand warrant a much higher price than the current sub-$2 per mmBtu level (currently even lower in Pennsylvania where Chesapeake has a significant percentage of its acreage), likely in the $4-$6 range in the medium to long term. At the current natural gas price, producers are cutting capex significantly, which could ultimately impact the supply of natural gas. The path of natural gas prices is uncertain with a lag between capex cuts and changes to production levels. At higher long-term price levels we believe that Chesapeake’s enterprise value would be substantially more than what was valued by the market.



However, as Chesapeake built out its acreage, it utilized a significant amount of debt, making it one of the more leveraged oil and natural gas companies today. As a result, while we think it likely has access to liquidity to survive the depressed natural-gas price environment for the next year or two, we cannot rule out that the management and board will choose to preemptively file for reorganization under the bankruptcy code in order to restructure the company and reduce the substantial debt burden.



Therefore, the Global Large-Cap Investment Committee decided to sell Chesapeake equity, which bears the brunt of this bankruptcy timing risk, and allocate where possible to Chesapeake debt, which we believed offers a more attractive risk/reward tradeoff as it traded at 15 cents to 35 cents on the dollar. At these levels, the yield to maturity was north of 30%, offers the potential for equity-like returns and provides some downside protection because debt holders have a higher claim on assets than do equity shareholders if the company decides to file for reorganization.



It is not typical for the Global Equity Fund to hold securities other than common equity. Exceptions have been made when the securities within a company’s capital structure offered potential investment returns that rivaled those of common equity. This happened with the preferred equity securities of U.S. banks during the financial crisis, for instance. In this particular case, Chesapeake endured an extremely difficult commodity-price environment which resulted in the market value of its common equity, preferred equity and debt falling significantly. The investment committee believes that the potential return from investing in Chesapeake debt surpasses that of many other common equity investments.



If the company files for reorganization and emerges having restructured its debt, it is highly likely that some/all of the debt will be converted to equity, allowing us to potentially participate in the upside of the company’s enterprise value. The restructured company would allow for further potential recovery in value should natural-gas prices eventually rise to economically viable levels during or after the reorganization process.



From Brandes' Global Equity Fund first quarter 2016 commentary.



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Bill Nygren Comments on Chesapeake Energy - Apr 11, 2016

While there were no new companies purchased in the quarter, recent volatility in the equity and fixed income markets allowed us to purchase securities within the capital structure of two existing holdings in a way that maintained upside to these undervalued companies and added downside protection, while also providing a tax benefit. In the case of Chesapeake Energy (NYSE:CHK), we purchased bonds at prices that offered similar upside to the equity, despite higher seniority in the capital structure, while capturing a tax loss on the sale of equity.



From Bill Nygren (Trades, Portfolio)'s Oakmark Select Fund: First Quarter 2016 Commentary.

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Bill Nygren Comments on Chesapeake Energy - Apr 11, 2016

When a business doesn’t meet our expectations, we reduce our intrinsic value estimate accordingly, and the remaining three eliminations fall into that category. Selling our positions in American Express, Union Pacific and Chesapeake Energy allowed us to take tax losses while reinvesting proceeds into businesses in which we have more long-term confidence. Specifically, Chesapeake Energy (NYSE:CHK) has been a poor performer as oil prices have dropped from over $100 per barrel to less than $40 per barrel. Therefore, we swapped our Chesapeake holdings for other energy holdings that are also undervalued based on expected cost-cutting and higher commodity prices, but have what we believe are stronger balance sheets.



From Bill Nygren (Trades, Portfolio)'s Oakmark Fund: First Quarter 2016 Commentary.

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Longleaf Partners Comments on Chesapeake Energy - Jan 22, 2016

As noted, Chesapeake Energy (NYSE:CHK), the second largest producer of natural gas in the U.S., declined 39% in the quarter and 77% for the year, making it the largest detractor of performance in both periods. Options accounted for 40% of our position and slightly half of our return. Fears related to further declines in energy prices drove the stock lower, despite CEO Doug Lawler’s progress in areas he could control. After reaffirming the company’s untapped $4 billion revolving credit facility and renegotiating a deal with Williams (pipeline operator), in the fourth quarter Chesapeake turned to restructuring its debt. Chesapeake offered to exchange various unsecured debt securities at a discount to par for secured debt with a later maturity. Pushing out due dates coupled with reducing overall debt outstanding should help the company weather a sustained low energy price environment.



Over the year we adjusted our appraisal of Chesapeake to account for the tumble in oil and natural gas prices. Even with the depressed energy prices of today and little growth in that price as indicated by the futures strip pricing, the company’s non-producing assets have value that is not reflected at all in the stock price. Asset sale transactions in basins where Chesapeake operates helped validate our appraisal. We expect the company will continue to reduce costs while also seeking asset sales at fair prices. We are mindful of the risks associated with commodity companies. Once the debt restructuring was announced, we added to higher parts of the company’s capital structure that became particularly discounted.



During the quarter, Brad Martin assumed the role of non-executive Chairman of the Board from Archie Dunham, who became Chairman Emeritus. Martin has been a productive partner for Southeastern in other successful investments including Saks, Dillard’s and FedEx. We are confident that management, coupled with the board, can navigate the company through what has been and continues to be a severely challenging energy price environment.



From Longleaf Partners Fund 4th quarter commentary.



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Bill Nygren Comments on Chesapeake Energy - Jan 08, 2016

Our worst quarterly performer by far was Chesapeake Energy, down 39%, while only two other positions declined—FNF Group down 2% and Calpine down 1%. In our opinion, commodity prices have fallen to levels which, if permanent, would bankrupt much of the exploration and production sector of the oil and gas industry. However, we believe commodity prices will rise and that many investments made today in this industry will prove quite rewarding. That said, given Chesapeake (NYSE:CHK)’s financial obligations, it is without question a much riskier investment than we normally hold. Securities across Chesapeake’s capital structure have all declined sharply and, in our opinion, are now all attractively priced. We’ve shifted some of our position from common stock to somewhat less risky preferred stock, which we believe reduces risk without forfeiting upside potential.



From Oakmark Select Fund's fourth quarter 2015 commentary.



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Southeastern Asset Management Comments on Chesapeake Energy - Oct 22, 2015

One of the largest producers of natural gas, natural gas liquids, and oil in the U.S., Chesapeake Energy (NYSE:CHK) declined 34% in the quarter. In line with our exposure, about 60% of the impact came from the options we own and the remainder from the common equity. Concerns remain over the company’s liquidity profile, but management made major strides to improve realizations by successfully renegotiating two contracts with pipeline operator Williams that reduces transportation costs. Additionally, on October 1 the company announced the renewal of its $4 billion credit facility. Comparable asset sales in overlapping basins, such as Encana’s sale of Haynesville assets, further confirmed our appraisal of Chesapeake. The company’s shares remain more heavily discounted than its peers, yet CEO Doug Lawler is keenly focused on realizing value for shareholders even in this depressed energy price environment. Further reducing costs, including the recently announced 15% headcount reduction, coupled with asset divestitures, should lead to a stock price more in line with intrinsic value, which we appraise at twice the current price assuming the underlying commodity prices remain depressed.

From Mason Hawkins (Trades, Portfolio)' Longleaf Partners third quarter 2015 shareholder commentary.

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Bill Nygren Comments on Chesapeake - Oct 08, 2015

We wrote fairly extensively about Chesapeake (NYSE:CHK) last quarter, but an update seems warranted given the stock price’s continued weakness. In short, it wasn’t all bad news—lower oil and gas prices notwithstanding. Chesapeake renegotiated a meaningful component of its legacy high-cost transportation contracts (see last quarter’s letter for details), and this has reduced the company’s sensitivity to lower gas prices. Importantly, many of the company’s fundamentals, including production volume as well as drilling and operating costs, have been consistent with our expectations. Furthermore, one of Chesapeake’s competitors recently sold assets in the Haynesville Shale that were quite similar to those of Chesapeake; the sale price was consistent with our estimated value. At Oakmark, we always closely monitor private market transactions, which we believe are important indicators of business value.



From Biill Nygren's Q3 Oakmark Global Select Fund commentary.



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John Rogers Comments on Chesapeake Energy Corp. - Sep 03, 2015

Also, natural gas explorer Chesapeake Energy Corp. (NYSE:CHK) declined -20.65% as clouds continued to hang over the stock. The price of natural gas has declined nearly 40% over the past 12 months, and Chesapeake has become a favorite for short sellers as short interest has nearly quadrupled in just more than six months. Declines in prices for both natural gas and crude oil have brought increased scrutiny to Chesapeake debt level. We continue to own the stock.



From John Rogers (Trades, Portfolio)' Ariel Focus Fund second quarter 2015 commentary.



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Bill Nygren Comments on Chesapeake Energy Corp - Jul 09, 2015

Chesapeake Energy (CHK) has been a notably poor performer in 2015, down 42% since the start of the calendar year, and deserves further discussion. Every oil and gas producer has been hurt by the decline in commodity prices, but it has been particularly painful for Chesapeake. This is because Chesapeake has an unusually large fixed-cost base, which magnifies the impact falling revenue has on earnings. The outsized costs stem from onerous transportation contracts that require Chesapeake to pay a fixed-dollar amount to suppliers regardless of the volume of energy the company produces. Since a portion of these agreements cover assets that are not economical at today’s prices, Chesapeake’s high-return assets must now shoulder the full burden of these legacy costs as well as their own costs. At current commodity prices Chesapeake is losing money, and investors have become worried about the company’s liquidity.

We believe these issues are manageable, and we remain confident in the company’s ability to improve its earnings and liquidity. We believe Chesapeake’s huge scale will allow the company to sell a relatively small percentage of its future production in exchange for cash making up a relatively large percentage of the company’s current enterprise value. Such divestitures may take various forms (providing immediate cash, third party drilling capital, or simply reducing transportation burdens), but all would help resolve liquidity issues while also highlighting what we believe is the large disconnect between Chesapeake’s intrinsic value and its market price. Considering that Chesapeake’s Board of Directors looks at such decisions with the goal of maximizing value per share, we are comfortable that our investment is in good hands.

From Bill Nygren (Trades, Portfolio)'s Oakmark Select Fund Second Quarter 2015 Commentary.

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Mason Hawkins Comments on Chesapeake Energy Corp - May 28, 2015

The largest detractor in the quarter was Chesapeake Energy (CHK), one of the largest producers of natural gas, natural gas liquids, and oil in the U.S., which declined 27%. The company reported lower-than- expected price realizations and production in the fourth quarter. While the company cut 2015 budgeted capital expenditures (capex) over 40% versus 2014, the market was hoping for Chesapeake to balance lower cash flow with capex. The company maintains a flexible balance sheet, with $4 billion in cash and an additional $4 billion in an undrawn credit facility, which will allow CEO Doug Lawler to focus on driving the greatest value for shareholders for the long-term, either through the authorized $1 billion repurchase program, strategic acquisitions, or a combination of both. While our appraisal of the company has come down in the short-term with the collapse of oil and gas prices, the long-term thesis remains intact. Chesapeake’s second largest shareholder, Carl Icahn (Trades, Portfolio), recently increased his stake in Chesapeake by 10%, and Chairman Archie Dunham bought an additional $14 million at quarter-end. During the quarter we maintained our overall exposure to Chesapeake but switched half our position into options due to favorable pricing created by the panic and resulting volatility in energy markets. We also employed this approach to increase our exposure to Murphy. We viewed this as a rare opportunity to gain more downside protection while maintaining the upside benefit of higher stock prices. The Chesapeake options accounted for more than half of that position’s decline in the quarter.

From Mason Hawkins (Trades, Portfolio)’ Longleaf Partners Fund Q1 2015 Management Discussion.

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Top Ranked Articles about Chesapeake Energy Corp

Longleaf Partners Comments on Chesapeake Energy Guru stock highlight
Chesapeake Energy (NYSE:CHK) (-15%; -0.70%), one of the largest U.S. producers of natural gas, oil, and natural gas liquids, was the largest detractor in the quarter. At the macro level, declines in oil and gas prices pressured the stock. We use the futures strip for both commodities in our appraisal of Chesapeake, even though they are currently trading below the global energy industry’s long run marginal costs. CEO Doug Lawler further improved the company’s financial strength and flexibility, closing two Haynesville deals and reporting another solid operational quarter. We believe he and his team will continue to execute additional asset sales and maintain both operating and capital expense discipline. Read more...
Bill Nygren Comments on Chesapeake Energy Corp Guru stock highlight
The downturn in oil and gas prices since late 2014 has created an opportunity to buy well-managed exploration and production companies at discounted values. We believe Chesapeake Energy (NYSE:CHK) is among the best managed oil and gas companies and is trading well below the value of its assets. The company has sizeable acreage holdings across the U.S., and its management is focused on developing these assets in a cost-effective and high-return manner. The team has successfully navigated the commodity price downturn while prioritizing the interests of equity holders, and we expect this shareholder-friendly team will continue to create value in an improving commodity price environment. With the enterprise trading at a substantial discount to our estimate of asset value, we believe Chesapeake is an attractive holding. Read more...
Bruce Berkowitz Comments on Chesapeake Energy Guru stock highlight
In early 2016, news on all things related to oil and natural gas devoted little coverage to how declining commodity prices were forcing energy companies to reduce supply, lower debt, and cut operating costs. Time and again, history shows that a commodity price forges its own anchor. Our credit investments in Chesapeake Energy (NYSE:CHK) performed exceptionally well in 2016 due to the combination of operational efficiencies driving down unit costs, higher natural gas prices, and success with debt buybacks and asset sales. Read more...
Longleaf Partners Comments on Chesapeake Energy Guru stock highlight
Chesapeake Energy (NYSE:CHK) (+377%; +8.46%), one of the largest U.S. producers of natural gas, oil, and natural gas liquids, was the Fund’s top contributor to performance in 2016 and gained an additional 12% in the fourth quarter. Earlier in the year, we transitioned our equity position into heavily discounted bonds and convertible preferred stock, which offered equity-like returns higher in the capital structure and a potentially faster payback. As the bonds rose close to par, we exited them. At the end of the third quarter, we converted all of our appreciated preferred securities into common stock for an attractive premium. Over the course of the year, management executed beyond expectations, selling various assets, improving the balance sheet through discounted debt repurchases, reducing operating and capital expenditures, and renegotiating midstream contracts. The most recent asset sales in the fourth quarter included a portion of the company’s properties in the Haynesville Shale in northern Louisiana for proceeds of approximately $915 million. Signed or Read more...
Southeastern Asset Management Comments on Chesapeake Guru stock highlight
Chesapeake (NYSE:CHK) (+112%; +4.0%), one of the largest U.S. producers of natural gas, oil, and natural gas liquids, was the top contributor to performance during the quarter. Early in the year we swapped our equity position for near-term bonds and preferred stocks which offered equity-like returns and a shorter horizon for value recognition. As management delivered good results, the bonds approached par. Consequently, we sold all of the remaining bonds over the last three months. On the final day of the quarter, we exchanged all of our preferreds into equity at a price well below our appraisal. In the quarter, both operating expenses and capital expenditures continued to improve, additional debt was retired below face value, and management reduced distribution costs through restructuring agreements with Williams and selling the Barnett assets. The company is pursuing more cost improvements and increased its asset sale target for the year to $2 billion after surpassing the original $1 billion goal. Asset sales plus proceeds from the recent upsized term loan and Read more...
Bill Nygren Comments on Chesapeake Guru stock highlight
Recall that earlier in 2016, we swapped most of our Chesapeake (NYSE:CHK) stock at approximately $4 per share for the company’s bonds at $48 per $100 par value, believing the bonds offered similar upside and less downside while capturing a tax loss. Last quarter we reported that the bonds had rallied to $85 per $100 par value, and the stock was trading at $4.28. Given the relative performance of the bonds to the stock and our comfort with the improved liquidity position of the company, we elected to swap back into the stock. Today our position in Chesapeake is exclusively in the form of equity. Read more...
Carl Icahn Gives Statement on Selling Chesapeake Energy at Loss Icahn cuts one of his several energy losers
Carl Icahn (Trades, Portfolio) gave up half his stake in Chesapeake Energy Corp. (NYSE:CHK) on Monday at a sizable loss. Read more...
Bruce Berkowitz Comments on Chesapeake Energy Guru stock highlight
Short-duration bonds of Chesapeake Energy (NYSE:CHK), such as the 7.250% bonds maturing in 2018, were purchased at substantial discounts to par to yield double digit returns. Chesapeake is one of America’s largest producers of natural gas, oil, and natural gas liquids. The company’s assets span numerous U.S. shale basins. New management has navigated the cyclical downturn in oil and gas prices by cutting costs, raising liquidity, and reducing outstanding debt to the lowest level in the last nine years. Though we normally shy away from commodity price forecasting, data shows that natural gas markets have tightened due to waning production growth, expanding exports (to Mexico or via liquefied natural gas), and record domestic demand for electricity generation. Price forges its own anchor. While the company maintains an active hedging program to mitigate future commodity price fluctuations, small improvements in commodity prices can have a significantly positive impact on Chesapeake’s operating results. The company’s $4 billion revolving credit facility was recently reaffirmed and remains almost entirely untapped, which should provide flexibility for Read more...
Southeastern Asset Management Comments on Chesapeake Guru stock highlight
As stated earlier, Chesapeake (NYSE:CHK) (+73%;+3.6%), one of the largest U.S. producers of natural gas, oil, and natural gas liquids, was the Fund’s largest contributor during the quarter. Earlier in the year, we swapped our equity for preferred stock and also added to our Chesapeake position via very discounted bonds and convertible bonds. This repositioning paid off in the quarter; the bonds appreciated more quickly than the stock as the company continued to lower its overall debt through purchases below par and debt for equity swaps. Additionally, in April, Chesapeake had its $4 billion revolving credit facility reaffirmed (90%+ untapped), with the next scheduled redetermination pushed out until June 2017. The company increased liquidity with the sale of about half of its mid-continent STACK (Sooner Trend Anadarko Basin Canadian and Kingfisher Counties) acreage to Newfield at a fair price of over $400 million. In total, net debt has declined by over 10% or $1 billion in 2016. Management projects additional asset sales this year and continues to renegotiate pipeline commitments toward better rates. The company has put on hedges Read more...
Bill Nygren Comments on Chesapeake Guru stock highlight
Earlier in 2016, investors were pricing in significant bankruptcy risk across Chesapeake (NYSE:CHK)’s capital structure. At the time, we believed Chesapeake’s liquidity risks were manageable given the company’s ability to sell assets representing a small percentage of its future production in exchange for cash, making up a meaningful percentage of the company’s enterprise value. We felt that Chesapeake’s bonds at the time had a similar upside to the stock and had the added benefit of higher seniority in the capital structure, so we swapped the preponderance of our Chesapeake equity position into the company’s fixed income securities. On average over the months in which we executed this trade, we sold CHK stock for approximately $4 per share and bought bonds trading for $48. Read more...

Ratios

vs
industry
vs
history
Forward PE Ratio 5.75
CHK's Forward PE Ratio is ranked higher than
95% of the 283 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 23.70 vs. CHK: 5.75 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PS Ratio 0.49
CHK's PS Ratio is ranked higher than
89% of the 405 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 3.60 vs. CHK: 0.49 )
Ranked among companies with meaningful PS Ratio only.
CHK' s PS Ratio Range Over the Past 10 Years
Min: 0.08  Med: 1.05 Max: 5.86
Current: 0.49
0.08
5.86
Price-to-Operating-Cash-Flow 11.80
CHK's Price-to-Operating-Cash-Flow is ranked lower than
99.99% of the 267 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 8.20 vs. CHK: 11.80 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
CHK' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 0.85  Med: 3.37 Max: 29.88
Current: 11.8
0.85
29.88
EV-to-EBIT -5.25
CHK's EV-to-EBIT is ranked lower than
99.99% of the 209 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 16.34 vs. CHK: -5.25 )
Ranked among companies with meaningful EV-to-EBIT only.
CHK' s EV-to-EBIT Range Over the Past 10 Years
Min: -67.4  Med: 7.6 Max: 22.1
Current: -5.25
-67.4
22.1
EV-to-EBITDA -7.98
CHK's EV-to-EBITDA is ranked lower than
99.99% of the 399 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 12.98 vs. CHK: -7.98 )
Ranked among companies with meaningful EV-to-EBITDA only.
CHK' s EV-to-EBITDA Range Over the Past 10 Years
Min: -9.1  Med: 6 Max: 54.8
Current: -7.98
-9.1
54.8
Current Ratio 0.49
CHK's Current Ratio is ranked lower than
72% of the 480 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.23 vs. CHK: 0.49 )
Ranked among companies with meaningful Current Ratio only.
CHK' s Current Ratio Range Over the Past 10 Years
Min: 0.3  Med: 0.77 Max: 3.11
Current: 0.49
0.3
3.11
Quick Ratio 0.49
CHK's Quick Ratio is ranked lower than
71% of the 479 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.12 vs. CHK: 0.49 )
Ranked among companies with meaningful Quick Ratio only.
CHK' s Quick Ratio Range Over the Past 10 Years
Min: 0.3  Med: 0.76 Max: 3.05
Current: 0.49
0.3
3.05
Days Sales Outstanding 39.69
CHK's Days Sales Outstanding is ranked higher than
73% of the 381 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 55.27 vs. CHK: 39.69 )
Ranked among companies with meaningful Days Sales Outstanding only.
CHK' s Days Sales Outstanding Range Over the Past 10 Years
Min: 19.9  Med: 45.91 Max: 78.58
Current: 39.69
19.9
78.58
Days Payable 25.36
CHK's Days Payable is ranked lower than
81% of the 238 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 88.02 vs. CHK: 25.36 )
Ranked among companies with meaningful Days Payable only.
CHK' s Days Payable Range Over the Past 10 Years
Min: 33.07  Med: 93.11 Max: 446.82
Current: 25.36
33.07
446.82

Buy Back

vs
industry
vs
history
3-Year Dividend Growth Rate -100.00
CHK's 3-Year Dividend Growth Rate is ranked lower than
72% of the 98 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -33.20 vs. CHK: -100.00 )
Ranked among companies with meaningful 3-Year Dividend Growth Rate only.
CHK' s 3-Year Dividend Growth Rate Range Over the Past 10 Years
Min: 0  Med: -20.6 Max: 48.1
Current: -100
0
48.1
5-Year Yield-on-Cost % 1.61
CHK's 5-Year Yield-on-Cost % is ranked lower than
68% of the 404 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 2.73 vs. CHK: 1.61 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
CHK' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 0.35  Med: 1.04 Max: 8.7
Current: 1.61
0.35
8.7
3-Year Average Share Buyback Ratio -10.50
CHK's 3-Year Average Share Buyback Ratio is ranked lower than
51% of the 365 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -9.80 vs. CHK: -10.50 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
CHK' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -29.6  Med: -12.3 Max: 0
Current: -10.5
-29.6
0

Valuation & Return

vs
industry
vs
history
Price-to-Median-PS-Value 0.47
CHK's Price-to-Median-PS-Value is ranked higher than
73% of the 345 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.02 vs. CHK: 0.47 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
CHK' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.13  Med: 1.56 Max: 10.5
Current: 0.47
0.13
10.5
Earnings Yield (Greenblatt) % -19.05
CHK's Earnings Yield (Greenblatt) % is ranked lower than
99.99% of the 565 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -3.19 vs. CHK: -19.05 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
CHK' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 4.5  Med: 8.2 Max: 16.1
Current: -19.05
4.5
16.1
Forward Rate of Return (Yacktman) % -204.67
CHK's Forward Rate of Return (Yacktman) % is ranked lower than
92% of the 169 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -16.11 vs. CHK: -204.67 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
CHK' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -93.1  Med: -32.1 Max: 22.2
Current: -204.67
-93.1
22.2

More Statistics

Revenue (TTM) (Mil) $8,672
EPS (TTM) $ -4.92
Beta2.36
Short Percentage of Float17.98%
52-Week Range $3.93 - 8.20
Shares Outstanding (Mil)908.07

Analyst Estimate

Dec17 Dec18 Dec19
Revenue (Mil $) 5,178 5,498 6,865
EPS ($) 0.91 1.43 1.66
EPS without NRI ($) 0.91 1.43 1.66
EPS Growth Rate
(Future 3Y To 5Y Estimate)
N/A
Dividends per Share ($)
» More Articles for NYSE:CHK

Headlines

Articles On GuruFocus.com
Chesapeake Energy Corporation Announces Pricing Of Private Placement Of $750,000,000 Of Senior Notes May 22 2017 
Chesapeake Energy Corporation Announces Private Placement Of $750,000,000 Of Senior Notes May 22 2017 
Chesapeake Energy Corporation Announces The Expiration And Final Results Of Its Offer To Purchase It May 15 2017 
How to Learn From Your Investing Mistakes Apr 26 2017 
Chesapeake Energy Corporation Declares Quarterly Preferred Stock Dividends Apr 21 2017 
Chesapeake Energy Corporation Provides 2017 First Quarter Earnings Conference Call Information Apr 18 2017 
Longleaf Partners Comments on Chesapeake Energy Apr 14 2017 
Longleaf Partners 1st Quarter Commentary Apr 19 2017 
Bill Nygren Comments on Chesapeake Energy Corp Apr 10 2017 
Oakmark Fund First Quarter 2017 Shareholder Letter Apr 10 2017 

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