Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Charles Macdonald who wrote (65400)	4/27/2000 4:48:00 PM
From: Ditchdigger	Read Replies (1) of 95453

CHK earnings .27 vs est .12 (year ago -.17) "For April 2000, 90% of the company's projected natural gas production was hedged at NYMEX prices of $2.59 per mcf and 33% of oil production was hedged at $27.25 per barrel. In addition, to further protect the company's cash flows, an estimated 35% of estimated May-August gas production has been hedged at an average NYMEX price of $2.74 per mcf and 20% of estimated gas production for September and October 2000 has been hedged at $2.70 per mcf. No additional hedges are in place." "During the first four months of 2000, Chesapeake has enhanced its balance sheet by retiring 18.4% of its preferred stock. In these transactions, the company has exchanged 11.9 million shares of its common stock for $46.3 million of its preferred stock (845,000 shares at a face value of $50 per share plus accrued dividends). By retiring this preferred stock at a discount to face value, Chesapeake has increased common stockholders' value by $12.1 million, of which $10.4 million was included in this quarter's earnings available to common shareholders." biz.yahoo.com

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