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CHK was NOT built on oil and gas production. It was built on the ability to promote non-economic acreage.
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The scheme had a finite life and could only go as far as the ability to promote the acreage would allow.
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How could the Directors be so far removed from the truth about how the Company was built that they thought bringing in an Oil Man could fix the situation?
3 replies (most recent on top)
CHK was definitely built on a AKM scheme to make himself and a select few friends very RICH! Luckily he purchased some quality assets along the way. The current regime will turn it into solid and reputable oil company in a few years. But more of the old guard need to be ran off to get this accomplished. The board - well don't look for any help there. They are ancient relics without any knowledge about how to run an oil company.
This is a great post - "promote non-economic acreage" is the key here
But CHK has a LEGENDARY resource base! You'll all see, we'll start actually producing oil instead of just flipping leases to dumber money!
...LOL