End-of-day sell off hits Chesapeake Energy
Shares of Chesapeake Energy are down more than 13 percent this afternoon after the company released conflicting statements on the timing of its quarterly report. Shares ended the regular trading day at $14.81, down $2.37 from the Thursday closing price. At 85 million shares, trading volume was more than three times the normal average.
Here’s how the market reacted, with the times at the bottom in Eastern Standard Time:
Meanwhile, the filing contained this nugget of information regarding future asset sales, which might also have made some investors uneasy:
We expect that the proceeds from our 2012 closed or planned monetization transactions, which we estimate could be $11.5 – $14 billion, will be sufficient to fund our budgeted capital expenditures, meet our long-term debt reduction plans by year-end 2012 and provide additional liquidity for 2013. We do not have binding agreements for any of these monetization transactions, however, and our ability to consummate each of them is subject to changes in market conditions and other factors. As a result, there can be no assurance that we will complete any of the planned transactions on a timely basis or at all. If we are unable to consummate these transactions or if they do not generate the proceeds we are anticipating, we would be required to reduce capital spending and/or seek funds from other sources, including interim financing that would address near-term liquidity needs. Our ability to obtain capital from asset monetizations is dependent upon many factors, and they may be beyond our control. If our access to alternative asset monetizations were limited, our ability to develop and replace our reserves could be reduced.
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