Chesapeake Energy Corporation (NYSE:CHK) announced today that it will release its outlook for the current year and capital program on Thursday, February 6 before the bell. The leading U.S. natural gas producer will also be holding a conference call on the same day at 9:00 AM EST to discuss the 2014 outlook. Interested analysts and investors can access the call at 913-312-1521 or toll-free 888-264-8893 using the passcode 7669165. Chesapeake Energy will also webcast the conference call live in the Events section of its website.
Lawler leads Chesapeake through restructuring
Chesapeake Energy Corporation (NYSE:CHK) is suffering from the decade-low prices of natural gas. The Oklahoma City-based company has been offloading assets to solve the liquidity problems. The natural gas producer has sold 50% of its stake in Mississippi Lime play. Chesapeake Energy’s newly-appointed CEO Robert Douglas Lawler is leading a massive restructuring program, which includes cost cutting and layoffs. Lawler replaced Aubrey McClendon, who was forced to quit amid rising controversies surrounding his business malpractice.
Earlier this month, Chesapeake Energy Corporation (NYSE:CHK) completed the divestment of its interest in Chaparral Energy, Inc. for $215 million. That’s a part of Lawler’s restructuring strategy as he tries to shift the company’s focus on building a portfolio around its core assets. Late last year, Doug Lawler said he expected oil production at the company’ Eagle Ford Shale to decline. Chesapeake Energy is expected to release its fourth quarter results on February 17, 2014.
Bank of America downgrades Chesapeake
Earlier this month, Bank of America analyst Doug Leggate downgraded Chesapeake Energy Corporation (NYSE:CHK) from Buy to Neutral, and reduced the price target from $36 to $31. That still represents about 18% upside from current levels. Leggate said momentum traders may find the stock attractive after solid returns on 2013. But Mr. Market has already discounted much of the company’s improvement potential.
Chesapeake Energy Corporation (NYSE:CHK) shares inched up 2.10% to $26.54 at 10:58 AM EST.