Press release
CHESAPEAKE ENERGY CORPORATION DOUBLES ITS AUTHORIZATION FOR COMMON STOCK AND WARRANT REPURCHASE FROM $1 BILLION TO $2 BILLION
OKLAHOMA CITY, June 22, 2022 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ: CHK) today announced that its Board of Directors has doubled its
About this update from Expand Energy Corporation
[{"type":"text","content":"OKLAHOMA CITY, June 22, 2022 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ: CHK) today announced that its Board of Directors has doubled its previously announced repurchase program authorization from $1 billion to up to $2 billion in aggregate value of its common stock and/or warrants through year-end 2023. To date, under its previously authorized program, Chesapeake has repurchased approximately 5.4 million shares of its common stock at an average price of approximately $89 per share.\n\n \n \n \n \n \n \n\n \nNick Dell'Osso, Chesapeake's President and Chief Executive Officer, stated \"We firmly believe our stock is undervalued and are pleased to announce material progress on our buyback program today. Doubling our buyback authorization to a total of $2 billion, in conjunction with our commitment to our base and variable dividend program, highlights our confidence in our sustainable free cash flow generating capability and our commitment to shareholder returns. Our disciplined capital allocation strategy is delivering leading per share cash returns and highlighting the compelling value in our shares.\"\nThe repurchase authorization permits Chesapeake to make repurchases on a discretionary basis as determined by management. Acquisitions under this repurchase authorization may be made through open market or privately negotiated transactions. This repurchase authorization does not obligate Chesapeake to acquire any particular amount of common stock or warrants, and may be modified, extended, suspended or discontinued at any time without prior notice.\nHeadquartered in Oklahoma City, Chesapeake Energy Corporation's (NASDAQ:CHK) operations are focused on discovering and responsibly developing its large and geographically diverse resource base of unconventional oil and natural gas assets onshore in the United States. \nForward-Looking Statements This news release and the accompanying outlook include \"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 that give our current expectations, management's outlook guidance or forecasts of future events, anticipated base and variable dividends, equity repurchases, expected natural ...