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Chesapeake Launches $1 Billion Plan To Stimulate Natural-Gas Demand

DOW JONES NEWSWIRES Chesapeake Energy Corp. (CHK) unveiled a more than $1 billion investment plan aimed at boosting U.S. natural-gas demand, the latest private-sector initiative aimed at fostering consumption of domestic fuel supplies that are expected to jump in coming years. The oil-and-gas company said it will spend at least $1 billion over the next 10 years on a new venture-capital fund dedicated to boosting domestic demand for natural gas. The fund, called Chesapeake NG Ventures Corp., will invest in companies and technologies that spur demand for domestically produced oil, natural gas and natural-gas-to-liquids instead of other oil and diesel fuels. Chesapeake said it plans to redirect about 1% to 2% of its forecast annual drilling budget toward such projects. The company also plans to invest $100 million in newly issued convertible debt of Clean Energy Fuels Corp. (CLNE), a company building natural-gas fueling stations for heavy-duty trucks. Shares of Clean Energy Fuels were recently up 7.9% to $14.15 after-hours Monday. Its stock had been off 19% over the past three months. Chesapeake shares were unchanged at $29.75 after-hours. Chesapeake has already invested in one $50-million tranche of the company's debt, with two more planned for June 2012 and June 2013. The convertible debt carries a 7.5% coupon and a 22.5% conversion premium. Chesapeake also agreed to spend $155 million on a 50% ownership stake in Sundrop Fuels Inc., a biofuels company building a plant capable of producing more than 40 million gallons of gasoline a year from natural gas and waste-plant material. The CNGV investment will be augmented by an added $20 million pro rata investment by venture capital firm Oak Investment Partners, an existing holder of the firm. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stock News for Clean Energy Fuels (CLNE)
DateTimeHeadline
09/19/201619:30:38Statement of Changes in Beneficial Ownership (4)
09/13/201612:00:00FedEx Freight Invests in CNG Fueling At Oklahoma City Service...
09/09/201616:15:50Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
09/09/201616:12:46Current Report Filing (8-k)
09/02/201619:02:10Statement of Changes in Beneficial Ownership (4)
09/01/201606:00:00Clean Energy Wins CNG Contract with Washington Metropolitan Area...
08/26/201606:05:16Statement of Ownership (sc 13g)
08/17/201614:12:25Statement of Changes in Beneficial Ownership (4)
08/17/201613:59:32Statement of Changes in Beneficial Ownership (4)
08/16/201614:07:55Statement of Changes in Beneficial Ownership (4)
08/15/201619:03:06Statement of Changes in Beneficial Ownership (4)
08/11/201606:00:00Clean Energy Selected as Preferred Vendor for Cummins Facility...
08/09/201616:14:23Quarterly Report (10-q)
08/09/201616:09:37Current Report Filing (8-k)
08/09/201616:05:00Clean Energy Reports 82.9 Million Gallons Delivered and Revenue...
07/15/201606:04:16Current Report Filing (8-k)
07/15/201606:00:00Clean Energy Fuels Corp. Retires 2016 Debt with Stock and Cash
07/13/201606:00:00Clean Energy to Report Second Quarter 2016 Financial Results...
07/12/201609:00:00Alternative Fuels and Future Goals of The Vehicle Technologies...
07/12/201608:21:00Active Equities to Watch in the Utilities Sector -- ONEOK, Clean...

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