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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
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
11/15/201309:18:03OZ Management LP 3Q 13F: Largest Purchases -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Largest Purchases
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:10:03Icahn Associates Corp. 3Q 13F: Largest Purchases
11/15/201308:10:03Icahn Associates Corp. 3Q 13F: Holdings As Of Sep 30
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Holdings As Of -2-
11/15/201307:04:49Bridgewater Associates LP 3Q 13F: Holdings As Of Sep 30
11/15/201307:04:38Bridgewater Associates LP 3Q 13F: Largest Sales
11/15/201306:57:24Millennium Management 3Q 13F: Holdings As Of Sep -2-

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