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Fracking News

Forbes: Chesapeake desperate to solve financial problems

February 14, 2012 By TXsharon

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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Comments

  1. David says

    February 14, 2012 at 6:30 pm

    All ponzi schemes collapse sooner or later…

  2. Eric Jellison says

    February 14, 2012 at 8:03 pm

    “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?

  3. Anonymous says

    February 15, 2012 at 12:33 pm

    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.

    • kim Feil says

      February 16, 2012 at 10:03 am

      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….

      • Anonymous says

        February 16, 2012 at 12:42 pm

        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.

        • TXsharon says

          February 16, 2012 at 1:11 pm

          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.

    • Blake Holbrook says

      May 2, 2012 at 12:40 pm

      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.

  4. Anonomous says

    February 15, 2012 at 2:56 pm

    It would really make my day if about 1/2 dozen of these shale gas drilling/production/transportation companies went belly up!

  5. David says

    February 16, 2012 at 11:46 am

    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

  6. Tim Ruggiero says

    February 16, 2012 at 5:49 pm

    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.

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