Chesapeake Energy Corporation (NYSE:CHK) is committed to continue its investments in transportation infrastructure projects in Northern Pennsylvania. The company said it would invest an additional $25 million, to improve 56 miles of state roads, plus $15 million for township roads this year.
Since 2010, the company has invested more than $300 million to rebuild and repair, more than 450 miles of road infrastructures in the state. According to Chesapeake, its roadwork projects are part of the company’s ongoing commitment in responsible development of the Marcellus Shale in Pennsylvania.
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Chesapeake Energy Corporation (NYSE:CHK)’s ongoing, upcoming, and completed roadwork projects for Bradford County include:
- 8 miles of roadwork at SR187 from Wyalusing bridge ,to the Wyoming County line at Terry and Wilmot townships; drainage work and base repairs starting on July 30 until August 3
- 1.3 miles road base stabilization, for SR2006 from route 187 to SR2001 and SR2010 from Wyalusing to New Albany Road at Wilmot Township scheduled on July 30 to August 3.
The company is also scheduled to start its .8 mile road base stabilization project for SR4024 (Litzeland Rd.) from route 220 to Toursher Rd. at Cherry Township in Sullivan County on July 30 to August 3.
Chesapeake Energy Corporation (NYSE:CHK)’s initiative to help repair and rebuild roads in Northern Pennsylvania is positive news, since most of the previous stories about the company are unfavorable.
The company is facing $18.6 billion fund shortage. Recently, the company announced its plan to sell 3,300 acres of Barnett Shale in North Texas to raise $100 million, as well as its Forthworth, Tower. Chesapeake is also selling 1.5 million acres of its leasehold land in the Permian basin, Mississippi Lime JV, and other company assets by the end of 2012.
The company also sold 69 percent of its limited partner and entire general partner interests in Chesapeake Midstream Partners for $2 billion, and its stake in Chesapeake Midstream Development for another $2 billion.
Chesapeake aims to raise as much as $14 billion to reduce its $12.6 billion long-term debts
Embattled by numerous controversies, the company restructured its organization, replacing four of its board of directors. Aubrey McClendon remained CEO of Chesapeake, but he vacated his position as chairman of the board. Archie Dunham replaced McClendon. Bob Alexander, Brad Martin, Fredrick Poses, and Vincent Intrieri joined as new members of Chesapeake’s board.
Mason Hawkins, CEO of Southern Asset Management Inc. and Carl Icahn pressured the company to implement changes. Southern Asset Management and Icahn are the largest investors of Chesapeake’s holdings, 13.9 percent and 7.6 percent shares respectively.