OKLAHOMA CITY, Nov. 12, 2019 /PRNewswire/ --On November 12, 2019, representatives of NGP Energy
Capital Management, L.L.C. ("NGP"), the beneficial owner of
310,812,722 shares of common stock of Chesapeake Energy Corporation
(the "Company"), informed the Company that, prior to the
commencement of trading, NGP, as manager of certain investment
funds, made an in kind pro rata distribution of the shares of the
Company to the respective partners of these investment funds.
Chief Executive Officer Doug
Lawler commented, "Chesapeake continues to strongly believe
our current capital and operating program, coupled with the planned
30% reduction in capital expenditures in 2020, will strengthen the
financial position of the company for the long term. We have
substantial liquidity with no significant near-term
maturities. We continue to pursue strategic levers to reduce
debt, including asset sales, capital markets transactions, and
focus on cost discipline. Additionally, we are de-risking our
cashflows through our hedging program and remain confident in our
long-term liquidity."
Headquartered in Oklahoma
City, Chesapeake Energy Corporation's (NYSE:
CHK) operations are focused on discovering and
developing its large and geographically diverse resource base of
unconventional oil and natural gas assets onshore in the United States.
This news release includes "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements are statements other than statements of historical fact.
They include statements regarding the results of our capital and
operating program, planned capital expenditures, liquidity and
strategic transactions that might affect our liquidity and the
assumptions on which such statements are based. Although we believe
the expectations and forecasts reflected in the forward-looking
statements are reasonable, we can give no assurance they will prove
to have been correct. They can be affected by inaccurate or changed
assumptions or by known or unknown risks and uncertainties.
Factors that could cause actual results to differ materially from
expected results include our ability to comply with the covenants
under our revolving credit facilities and other indebtedness and
the related impact on our ability to continue as a going concern,
the volatility of oil, natural gas and NGL prices and other factors
described under "Risk Factors" in Item 1A of our annual report on
Form 10-K and any updates to those factors set forth in
Chesapeake's subsequent quarterly reports on Form 10-Q or current
reports on Form 8-K (available
at http://www.chk.com/investors/sec-filings).
INVESTOR
CONTACT:
|
MEDIA
CONTACT:
|
Brad Sylvester,
CFA
(405)
935-8870
ir@chk.com
|
Gordon
Pennoyer
(405)
935-8878
media@chk.com
|
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SOURCE Chesapeake Energy Corporation