Chesapeake Energy, Largest US Natural Gas Producer, Runs Out Of Cash
November 30th, 2008Peak… Credit???
Via: Mish:
Chesapeake Energy Corp., the nation’s largest producer of natural gas, seeks to raise up to $1.8 billion through common stock sales in an effort to fund its drilling and exploration activities and mitigate the impact of lower natural gas prices on cash flow.
In two filings with the Securities and Exchange Commission late Wednesday, the company said it will issue shares worth as much as $1 billion before fees and also registered 50 million shares worth at most $791 million for potential sale.
Oklahoma City, Okla.-based Chesapeake said it will use proceeds from the $1 billion offering for general corporate purposes, including fund exploration, development and other capital expenditures.
Research Credit: Idleworm
