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Chesapeake announces that NGP shares have been distributed to partners by top investors



(Bloomberg) – Chesapeake Energy Corp., the US natural gas producer suffering from heavy debt and low prices, said its second-largest investor had split its stake in its limited partners.

NGP Energy Capital Management LLC "has made a pro-rata distribution of the shares to the partners of its funds," Chesapeake from Oklahoma City said in a statement in late Tuesday. The statement contained no further explanation and calls and messages to Chesapeake and NGP after normal business hours were not returned immediately.

NGP held a 16% stake with a market value of $ 208.2 million. The private equity firm became a major shareholder after Chesapeake bought WildHorse Resource Development for $ 1.86 billion this year.

Chesapeake shares have fallen 68% so far this year. They fell to less than $ 1 last week after the company warned that it may not be a viable undertaking if low oil and gas prices continue. The company, which once had a value of more than $ 30 billion, now has a value of approximately $ 1.3 billion. The stock fell again on Tuesday by 17%.

The current capital and operating program, as well as the planned 30% reduction in investment by 2020, will strengthen the company's financial position in the long term, Chesapeake said Tuesday.

"We have considerable liquidity without significant short-term maturities," said Doug Lawler in the statement.

– With support from Rachel Adams-Heard.

Contacting the reporter on this story: Carlos Caminada in Calgary at [email protected]

To contact the editors responsible for this story: Simon Casey at [email protected], Joe Carroll

More articles of this species can be found at bloomberg.com

© 2019 Bloomberg LP


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