Friday, May 11, 2012

Another Day, Another Report of Bad News for Chesapeake

From CNBC:

Worried about the collapsing price of natural gas, Boone Pickens recently sold his entire stake in Chesapeake Energy, he told CNBC during an exclusive interview at the SALT alternative-asset conference in Las Vegas.
Pickens, who manages a $140 million energy-focused equity fund as part of his investment firm BP Capital, held about $13 million worth of Chesapeake [CHK  16.5385    -0.6415  (-3.73%)  ] shares, which made up 9 percent of BP’s equity portfolio as of late December, according to a recent filing. But Pickens told CNBC he sold that position in the last few months as the price of gas spiraled below $2.
The surprise disclosure comes at an uncomfortable time for Chesapeake, whose shares have plummeted amid revelations that CEO Aubrey McClendon accepted loans from a private-equity firm that was also lending to Chesapeake in order to finance his investments in some of the company’s wells.
Read the rest of the article here. 


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