Chesapeake Energy Corp. (CHK) issued a statement regarding the Schedule 13D filed late today by affiliates of Carl Icahn with the Securities and Exchange Commission disclosing ownership of approximately 7.56% of Chesapeake's common stock.
"We share Mr. Icahn's belief that Chesapeake shares are substantially undervalued by the market today. The Board and senior management are executing a plan that we believe will deliver a higher stock price and better recognize the underlying value of the company's assets," the company said in the statement.
The company added that the Board will carefully review Icahn's letter. The company noted that its board's immediate priority is to name an independent Non-Executive Chairman and it is proceeding expeditiously toward that objective having consulted with shareholders.
The company said after an independent Chairman is named, the Board's Nominating Committee will consult with shareholders and carefully review Icahn's request for Board representation.
"Chesapeake has built a premier collection of U.S. E&P assets and we are focused on developing the core plays in which we have a #1 or #2 position, continuing the transition from natural gas to liquids-focused production, reducing capital expenditures and paying down long-term debt. We believe successful execution of these initiatives will close the large gap between our current enterprise value and the total value of our premier assets, " the company also said in the statement.
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