ADVFN - Advanced Financial Network.
HOME» NYSE » C » CHK Stock Price » CHK Stock News

Chesapeake Share News

 Chesapeake Energy Corp. Stock Price
CHK Stock Price
 Chesapeake Energy Corp. Stock Chart
CHK Stock Chart
 Chesapeake Energy Corp. Stock News
CHK Stock News
 Chesapeake Energy Corp. Company Information
CHK Company Information
 Chesapeake Energy Corp. Stock Trades
CHK Stock Trades

BHP Billiton US Onshore Activity Continues Shift To Liquids

By Robb M. Stewart Of DOW JONES NEWSWIRES MELBOURNE -(Dow Jones)- BHP Billiton Ltd. (BHP) said Wednesday that it expects activity in the liquids-rich Eagle Ford and Permian basins to represent the significant majority of its U.S. onshore activity by the end of 2012. "We continue to adjust our onshore U.S. development plans in response to lower prices," the company said in its latest quarterly production report. The step may help ease investor concerns that BHP won't see returns for some time on the nearly US$17 billion it spent amassing shale assets last year and that it may be forced to take a massive writedown on value. The worries have dogged its share price in recent months. BHP's total petroleum production jumped 58% to 56.5 million barrels of oil equivalent in its financial third quarter ended March 31, led by higher natural gas output following last year's acquisition of Petrohawk Energy Corp. and Chesapeake Energy Corp.'s (CHK) shale assets in Arkansas. The Angostura business in Trinidad and Tobago, which produced first gas last May, also did well, it said. Liquids production rose 35% from the previous quarter, contributing 3.5 million BOE, which BHP said was consistent with its shift in focus toward the high-return Eagle Ford shale in Texas. Chief Executive Officer Marius Kloppers told analysts in February that BHP was planning to moderate the number of drill rigs in dry gas areas and increase the liquids component of production to 20% on a BOE basis by 2015. Credit Suisse analyst James Redfern noted that in the March quarter, 14% of onshore U.S. output was liquids, so the company may hit its target faster than expected. Commonwealth Bank analysts in Melbourne said in a report last week that a writedown of the Fayetteville assets bought from Chesapeake for US$5 billion is possible if the shale assets are considered separately, since it has minimal value at current U.S. gas prices. However, they said that a writedown isn't warranted at this stage as the liquids-rich shales offset weak gas prices. "The liquids-rich shales are highly attractive and potentially the highest returning investment opportunity in BHP's capital expenditure pipeline," the analysts said in the report, which valued the shale assets at US$22.7 billion to a book value of US$26.9 billion. BHP said its onshore U.S. drilling and development spend totalled US$2.2 billion for the nine months through March. The petroleum division as a whole was the second-biggest driver of earnings after iron ore during the fiscal first half. -By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

Stock News for Chesapeake (CHK)
DateTimeHeadline
07/14/201616:00:00Chesapeake Energy Corporation Provides 2016 Second Quarter Earnings...
07/12/201613:40:00Permian Resources Draws Strong Interest From Debt Investors
07/08/201613:24:00Dick's Sporting Goods Seeks Court Approval to Buy Sports Authority...
07/01/201616:35:00North Texas Royalty Buyers and Investors Sue Chesapeake Energy...
06/26/201620:40:00Williams Cos. Fights to Save Deal
06/08/201613:44:00Crash That Killed Aubrey McClendon Was Accident -- 2nd Update
06/08/201613:05:00Crash That Killed Aubrey McClendon Was Accident -- Update
06/08/201613:00:00Crash That Killed Aubrey McClendon Was Accident
06/08/201612:35:00Crash That Killed Aubrey McClendon Was Accident
06/07/201614:30:00Seventy Seven Energy Files for Bankruptcy
05/18/201621:57:00American Energy Partners LP to Shut Down -- Update
05/16/201618:55:00SandRidge Energy Files for Bankruptcy Protection -- 2nd Update
05/16/201615:08:00SandRidge Energy Files for Bankruptcy Protection -- 2nd Update
05/12/201616:27:00Chesapeake Swaps Debt for Stock -- Update
05/12/201610:30:00Chesapeake Swaps Debt for Stock
05/12/201610:15:00Chesapeake Energy Swaps Debt for Stock
05/06/201603:03:00Energy Producer Narrows Its Loss -- WSJ
05/05/201610:10:00Chesapeake Energy Loss Narrows
05/05/201609:58:00Chesapeake Energy Loss Narrows; to Sell Some Assets
05/05/201608:18:00Newfield to acquire an additional 42,000 net acres in STACK

Chesapeake Energy and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad