SandRidge Founder Tom Ward Fired as Probe of Deals Concludes (BusinessWeek)
SandRidge Energy Inc. (NYSE:SD) Chairman and Chief Executive Officer Tom Ward was fired from the energy producer he founded and replaced by Chief Financial Officer James Bennett, days before an activist shareholder was poised to gain control of the board. Ward departed after the board decided “new leadership is in the best interests of the company and its shareholders,” SandRidge Energy Inc. (NYSE:SD) said in a statement yesterday. Director Jeffrey Serota was named interim chairman. Ward, 53, founded the Oklahoma City-based oil explorer in 2006 after leaving Chesapeake Energy Corporation (NYSE:CHK)
Chesapeake hires former SEC lawyer as chief compliance officer (BizJournals)
Chesapeake Energy Corporation (NYSE:CHK), one of the Eagle Ford Shale’s largest players, has named Patrick K. Craine, partner with the law firm Bracewell & Giuliani, as chief compliance officer. Oklahoma City-based Chesapeake Energy Corporation (NYSE:CHK) had previously retained Craine to respond to a Securities and Exchange Commission investigation, according to a Reuters report. The company — whose Eagle Ford operations are headquartered in San Antonio — faced a storm of shareholder and regulator scrutiny over the way former CEO Aubrey McClendon ran the company’s operations.
Interesting CHK Put And Call For June 28th (Forbes)
Investors in Chesapeake Energy Corporation (NYSE:CHK) saw new options become available today, for the June 28th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the CHK options chain for the new June 28th contracts and identified one put and one call contract of particular interest. The put contract at the $20.00 strike price has a current bid of 39 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $20.00, but will also collect the premium, putting the cost basis of the shares at $19.61 (before broker commissions).
Chesapeake Pumps Up Its Margins By Shifting Focus To Liquids (Forbes)
Over the past two years, Chesapeake Energy Corporation (NYSE:CHK)’s profitability has been weighed down by low natural gas prices and high drilling costs. In 2012, the firm posted a sizable operating loss of around $1.7 billion. However, it has been taking steps to get back on track by concentrating on the core portions of its most important plays, boosting its liquids production and also focusing on improving drilling efficiencies. During the first quarter, Chesapeake Energy Corporation (NYSE:CHK) saw a marginal improvement, posting an operating profit of around $217 million. Here is a quick look at some factors that can positively impact the firm’s profitability going forward.
Chesapeake workers give back (TimesReporter)
Eighteen Chesapeake Energy Corporation (NYSE:CHK) employees recently helped with a Habitat for Humanity project as part of the company’s annual Operation Blue summer volunteer campaign. The workers installed shingles and siding at a home under construction in the 700 block of Lincoln Avenue NW. They will return June 27 to install drywall, on July 11 to do painting and in September to do landscaping work. Operation Blue is an annual campaign during which Chesapeake Energy Corporation (NYSE:CHK) employees serve the needs in their community by volunteering four hours on company time. Last year, 6,045 employees gave more than 38,000 volunteer hours to serve 477 nonprofit organizations across the country.