Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, January 29, 2013

Chesapeake says it is not for sale-memo, (NYSE: CHK)

The departure of Chief Executive Aubrey McClendon is not an indication that Chesapeake Energy Corp is up for sale, according to an email to sent to employees on Wednesday. "...the company is not for sale," Chairman Archie Dunham wrote.Dunham also said the Chesapeake's board has set a drilling and completion budget of $6 billion.Chesapeake said McClendon will step down on April 1.

Chesapeake Energy Corporation (Chesapeake) is a natural gas and oil exploration and production company. Shares of CHK traded higher by 0.21% or $0.04/share to $18.97. In the past year, the shares have traded as low as $13.32 and as high as $26.09. On average, 13516200 shares of CHK exchange hands on a given day and today's volume is recorded at 11099680.