The company lost more than half of its market value in the three months leading up to Icahn's initial investment, but shares have since increased by about 20 percent.
The stock took a downward again turn this month after the company reported a third-quarter loss on a 25 percent drop in revenue, partially as a result of lower natural gas prices and one-time charges. Chesapeake said it expects its natural gas production to decline 7 percent next year as it focuses on oil and gas liquids. It predicted liquids production would increase 29 percent in 2013.
The company has also announced plans to sell off vast portions of its land and infrastructure — something Icahn pushed for. It also is trying to pay off a heavy debt load incurred in recent years as it rushed to buy land and other assets.
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