Chesapeake Energy Corp. said on May 12 no members of its board of directors were interviewing to take over from former CEO Doug Lawler, who resigned last month after leading the company through its Chapter 11 bankruptcy.
Interim-CEO Mike Wichterich said the search for a replacement would take a few months, adding that Lawler had not left because of any action and strategy was unchanged. He said the board wanted a fresh start as it emerged from bankruptcy.
Chesapeake, once the second largest U.S. natural gas producer, exited bankruptcy protection in February. Wichterich said there were no other plans to change management but said the company had to work on lifting morale.
“Staff has every reason to be demoralized after eight hard years” and bankruptcy, he told investors, adding the company was “tired of getting punched in the face by a balance sheet.”
The Oklahoma City-based company reported a profit of $295 million for the quarter. Its shares were up 5.6% in early trading to $51.83.
Chesapeake, which hedged some 19 million barrels of 2021 production at $42.69/bbl, said it anticipated a little under $400 million in full-year hedging losses at current prices.
Recommended Reading
Baker Hughes Defies Nature with an Upgrade to Ol’ Fashioned Cement
2024-10-15 - Baker Hughes’ InvictaSet uses regenerative capabilities to provide operators with a sustainable cement solution that can last for years.
EY: How AI Can Transform Subsurface Operations
2024-10-10 - The inherent complexity of subsurface data and the need to make swift decisions demands a tailored approach.
Seadrill to Adopt Oil States’ Offshore MPD Technology
2024-09-17 - As part of their collaboration, Seadrill will be adopting Oil States International’s managed pressure drilling integrated riser joints in its offshore drilling operations.
Now, the Uinta: Drillers are Taking Utah’s Oily Stacked Pay Horizontal, at Last
2024-10-04 - Recently unconstrained by new rail capacity, operators are now putting laterals into the oily, western side of this long-producing basin that comes with little associated gas and little water, making it compete with the Permian Basin.
CNOOC Makes Ultra-deepwater Discovery in the Pearl River Mouth Basin
2024-09-11 - CNOOC drilled a natural gas well in the ultra-deepwater area of the Liwan 4-1 structure in the Pearl River Mouth Basin. The well marks the first major breakthrough in China’s ultra-deepwater carbonate exploration.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.