I don't understand everyone's angst. Chesapeake has long been viewed as the Enron of the oil patch, a house of cards if you will. Sucking up leases for double what any other companies would pay to smash out any competition. Drilling wells like a mad dog, building a fancy campus, paying exorbitant salaries. I watched them drill well after well in Stephens county years ago, and these were deep expensive wells. Probably IP'd 400 mcf/d on average. All other operators would just shake their heads. And Chesapeake did this everywhere. They were like a bipolar linebacker on meth and steroids living in a sorority house. Surely you had an idea of this going in? Chesapeake's lifestyle was unsustainable. The only ones who made out were the guys at the top. Just how did you expect this fairytale to play out?
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To O.P.: ... I think Enron is the Enron of the oil patch.
But..but...but what about the beekeepers and preachers? Those people obviously provided 0 value to a company of our progressive record of profit. Us tits here in the PR, Marketing and Event Planning Departments are in such deep depression because our tits have always gotten us where we needed to go in life and now...now were just not in touch with reality and our tits aren't so perky anymore.
170679 - Not Doug. Aubrey is back. Didn't you hear?
This is the truth. Chesapeake wells were about holding land and inflating reserve values. A giant lease flipping operation. Their actual IPs were total garbage.
If Chesapeake could sell saltwater, it would be worth more than ExxonMobil.
This is the truth. Chesapeake wells were about holding land and inflating reserve values. A giant lease flipping operation. Their actual IPs were total garbage.
If Chesapeake could sell saltwater, it would be worth more than ExxonMobil.
I saw that just this morning, that CHK investments filed for a new acquisition on NW 10th Street. The apartments formerly known as the Lantanya Apts. Anyone know anything about this? Kind of odd, seeming how they just layed off a bunch of people.
Doug, is that you?
Also what allowed the company to have the best assets around - which will be what saves the company and destroys those who don't have them.
All those companies that were sitting around watching CHK go crazy and drill are now the ones with shit for assets and a balance shit that's about to criple them. CHK will emerge a strong leader on the other side of this
Great post. The plain truth. Preach !
I pray for your salvation.
Got us into a lot of where we are today.
The very truth. And the guy recruited from APC by the new board are trying to save it - and turn it into a reputable company. But there's some long term CHK folks that still want to live in the fantasy land of the past.
Truth