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Icahn Says Chesapeake Can Meet Funding Gap by Cutting Costs

Activist investor Carl Icahn said that Chesapeake Energy Corp.'s (CHK) assets are undervalued, and the company's worth is likely to rise in coming years as natural gas becomes more prized. In an interview with CNBC, the activist investor, who has recently become troubled Chesapeake's second-largest shareholder, said that Chesapeake has very good assets, but "they couldn't afford to buy some of them," generating a big funding gap. "They can definitely meet" that gap by cutting costs, he said. The Oklahoma City-based energy company has been under fire from shareholders such as Mr. Icahn, who have questioned the board's loose oversight of Chief Executive Aubrey McClendon. Last month, that sentiment resulted in an overhaul of the board, and Mr. McClendon's separation of his role as chairman. Mr. Icahn, who helped bring about the overhaul, said he isn't going to sell his Chesapeake shares in the short term, as he thinks they will rise in value significantly. "I hope you're going to see a much higher price," he said. Mr. Icahn, who on Monday accused Forest Laboratories Inc.'s (FRX) Chief Executive Howard Solomon of dumping $500 million of stock ahead of the loss of patent exclusivity on antidepressant Lexapro, said that that the drug maker was a "quintessential example of what is wrong with governance" in corporate America. Mr. Icahn has been involved in a long-running battle with Forest Laboratories's board--which was reignited earlier this month when he nominated four candidates to its board--and last week he sued the company in a bid to get more insight on its succession plan. He told CNBC that he would "like to avoid a proxy fight" in his battle with the board. That said, he wouldn't support selling the company. "Not at this point," Mr. Icahn said. "You can't do it at this point." Write to Angel Gonzalez at angel.gonzalez@dowjones.com

Stock News for Chesapeake (CHK)
DateTimeHeadline
10/16/201409:44:37U.S. Hot Stocks: Hot Stocks to Watch
09/18/201408:20:35Magnolia Shares Fall After Unveiling Cummings 2nd Half Well Output...
06/12/201416:43:41MARKET SNAPSHOT: U.S. Stocks Fall; S&P 500 Down For Third Day
06/12/201414:52:18MARKET SNAPSHOT: U.S. Stocks Fall; Dow In Triple-digit Decline
06/12/201410:29:47MARKET SNAPSHOT: U.S. Stocks Edge Lower; Energy Sector Rallies
06/11/201419:14:44Aubrey McClendon Launches His Post-Chesapeake Comeback
05/28/201420:22:36Oklahoma Governor Signs Bill Raising Energy-Output Tax
05/20/201422:02:19Companies Bet Exposing Hacks Will Help
05/12/201417:58:12Oil Man George Kaiser Proposes Increase in Oklahoma Oil-and-Gas...
05/07/201420:12:46SEC Ends Investigation of Chesapeake Energy Ex-CEO Aubrey McClendon...
05/07/201408:30:12Chesapeake Energy Profit Soars
05/07/201408:04:10Chesapeake Energy Profit Soars, Revenue Jumps 47%
03/05/201421:19:31Chesapeake, Encana Charged With Antitrust Violations -- Update
03/05/201419:10:11Chesapeake, Encana Charged With Antitrust Violations
02/28/201410:01:30Chesapeake Energy to Sell $520 Million in Assets to Exterran...
02/26/201415:57:27Chesapeake Energy Swings to Loss -- Update
02/24/201405:47:09MARKET SNAPSHOT: U.S. Stock Market Is Starting To Ride A Tech...
02/24/201401:57:46Chesapeake Energy Seeks to Spin Off or Sell Oilfield Services...
02/07/201403:07:56Magnolia Petroleum gets Increased Density, Infill Drilling Proposals
02/06/201412:21:56Chesapeake Energy Predicts 2014 Capex Decline

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