CHK is $6 Billion in the hole.
Chesapeake Energy’s New Plan: Desperate Measures For Desperate Times
Christopher Helman, Forbes Staff
2/13/2012 @ 12:00PM
This morning Chesapeake Energy announced a new financial plan that it hopes will allow it to raise the billions in cash it needs to get through the next year or so without going bankrupt.
There’s a picture of Aubrey and the caption under it says: Billionaire Wildcatter, Risk Addict Aubrey McClendon Has Bet It All On Shale
About Sharon Wilson
Sharon Wilson is considered a leading citizen expert on the impacts of shale oil and gas extraction. She is the go-to person whether it’s top EPA officials from D.C., national and international news networks, or residents facing the shock of eminent domain and the devastating environmental effects of natural gas development in their backyards.
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All ponzi schemes collapse sooner or later…
“Brackett is not impressed with the plan. As mentioned before, he sees the VPP and the preferred shares as just more debt with a different name stuffed in off-balance sheet pockets.”
Off-balance sheet debt, now where have we seen that before….. Enron.
Other companies spinning off divisions with over-priced IPO’s to try to raise cash to get the masses to keep the house of cards from falling down. When will the market quit falling for all of the accounting tricks?
I spoke to a CHK employee this morning. He said there are no plans to drill the site close to my house for at least a year or longer. They already are about a year into a 5 year time limited SUP. And the other wells on this site have been gushers. He said they are in a horrible cash flow problem. Company is operating week to week.
Hey anonymous, is that site your are referencing in Arlington by the Cowboy Stadium by any chance? Not that I would believe any anonymous person or they wouldn’t be anonymous? I know thats an unfair statement to make cause some people make a living working for others and canot be out there on the internet….
No, it is not the Truman Site. I remain anonymous in my posting because my identity may point to who I was speaking with at CHK. Sharon can see the e-mail I used to post and know I’m legit.
I vouch for anonymous.
They will be busy trying to create a demand for natural gas by exporting and CNG vehicles. In the meantime, there is no telling who might end up with these CHK properties.
I do flowback in south texas. the barnett is on hold because of low nat gas prices. CHK is trying to create a market in the metroplex. All CHK company vehicles will be CNG (compressed natural gas) by 2013. CHK will be fine. the oil boom in south texas, where I do all of my work for them, is flourishing. Nothing to worry about. Nat gas pays the bills, oil makes the money. they’re just focusing there attention on the play down here.
It would really make my day if about 1/2 dozen of these shale gas drilling/production/transportation companies went belly up!
Pity the poor BILLIONAIR Aubrey K. McClendon, I’m sure he will suck all the cash out Chesapeake before it goes belly up!
Compensation for 2010
Salary $975,000.00
Bonus $1,951,000.00
Restricted stock awards $16,804,500.00
All other compensation $1,314,452.00
Forbes Rankings
79th on the Forbes Executive Pay in 2011
937th on the Forbes World’s Richest People in 2010
3rd on the Forbes Executive Pay in 2010
Chesapeake Energy – 764th on the Forbes Global 2000 in 2010
25th on the Forbes Executive Pay in 2009
http://people.forbes.com/profile/aubrey-k-mcclendon/18103
WHAT!? You mean Ol Aubrey Fracker McClendon might actually have to sell off ANOTHER multi-thousand acre ranches, or his interest in the OKC basketball team? Sort of looks like he’s been following the Ken Lay Method. Nothing would make me happier than to see Aubrey fall from grace.