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re: Chesapeake Energy...
Posted on 6/10/12 at 9:22 am to supatigah
Posted on 6/10/12 at 9:22 am to supatigah
quote:
they are making a big push into oil shale production in the eagle ford and they have had a lot of success down there
No they're not - they tried but that play is leased and developing. They had shitty fringe AC, mostly dry gas.
quote:
they spend money like drunken sailors on their drilling side. some of what they do would make a CHK investor sick
It's the leasing side that put them in the position they're in. They wildly overspend and over lease plays. They have a beautiful position in the Utica but probably more than half their AC is shite - they're undisciplined. That's why 1/2 their production has been sold in VPPs.
1
Posted on 6/10/12 at 11:33 pm to kfizzle85
I have first hand knowledge of the way they manage their pipelines
Posted on 6/10/12 at 11:36 pm to cwill
I should have said they made a play in he eagle ford oil plays but they were too late. They moved 28 of their 31 haynesville shale rigs down there a year ago
They have huge leases in the haynesville sitting there with Just holding wells on them
The operating costs of the sour gas in the haynesville is kicking their arse
They have huge leases in the haynesville sitting there with Just holding wells on them
The operating costs of the sour gas in the haynesville is kicking their arse
Posted on 6/11/12 at 1:24 am to BROffshoreTigerFan
quote:
Most people that I've spoken to about this make comments like 'outsiders really don't understand how we do things'. Maybe generalizing it like that is unfair to how it was stated, but that's sort of the feeling I get.
Yeah, WorldCom employees were probably mouthing similar comments as well. Where are those threads on MT that were pumping CHK in the $60's in 2008??? I'm not beating on you, the comment about outsiders is a dangerous mindset by CHK employees. Randomness and luck, few recognize it early on until it blows up at a future critical juncture.
Posted on 6/11/12 at 4:41 am to tirebiter
quote:
Yeah, WorldCom employees were probably mouthing similar comments as well. Where are those threads on MT that were pumping CHK in the $60's in 2008??? I'm not beating on you, the comment about outsiders is a dangerous mindset by CHK employees. Randomness and luck, few recognize it early on until it blows up at a future critical juncture.
It's not beating up on me. I work there. If the place goes under, I look for another job like a big boy. My view is nothing lasts forever, and have a backup plan.
Posted on 6/11/12 at 8:19 am to BROffshoreTigerFan
quote:
It's not beating up on me. I work there. If the place goes under, I look for another job like a big boy. My view is nothing lasts forever, and have a backup plan.
Right. You were looking for a job when you found that one...
On another note, CHK is up to 18.50ish in extended hours trading.
Posted on 6/11/12 at 9:05 am to tirebiter
quote:
Where are those threads on MT that were pumping CHK in the $60's in 2008???
I mean that's not any different than today. Where were the threads predicting nat gas prices collapsing to a buck? When it turns (which it already has, clearly) so does the stock.
Posted on 6/11/12 at 10:28 am to rmc
quote:
Right. You were looking for a job when you found that one...
is that a dig? I'm not sure what your point is. quote:
On another note, CHK is up to 18.50ish in extended hours trading.
My 401k and etrade accounts appreciate it.
Posted on 6/11/12 at 10:37 am to BROffshoreTigerFan
quote:
is that a dig? I'm not sure what your point is.
No. It's actually a phrase I heard about 100 times when I did safety contracting work for CHK on the Eagle Ford. I always liked the fact that if you talked to any person in construction, they didn't know if they were going to be working next week and generally didn't give a shite if it was for the company he was currently with.
Posted on 6/11/12 at 10:45 am to rmc
CHK hit Their biggest oil well ever in the eastern TX panhandle. 7000 BOE and 4.6MMCF gas. Granite Wash continues to be their most profitable play.
Posted on 6/11/12 at 11:37 am to supatigah
quote:
I should have said they made a play in he eagle ford oil plays but they were too late. They moved 28 of their 31 haynesville shale rigs down there a year ago
You said they had "a lot of success down there". They haven't - they have a terrible position - dead oil or dry gas. I'd bet all of those rigs are, if they're still running have been moved to eastern Ohio.
The most notable thing about the "move to oil/liquids" is they are selling a gem of a position in the Delaware Basin of the Permian. But they have to - nothing else in their portfolio has that kind of current value.
Posted on 6/11/12 at 11:38 am to Eauxkie Tiger
quote:
CHK hit Their biggest oil well ever in the eastern TX panhandle. 7000 BOE and 4.6MMCF gas. Granite Wash continues to be their most profitable play.
Was in the hogshooter formation....they would have to repeat those results many times over to have any noticeable impact. CHK likes to run to the wire services with any and all positive news regardless of magnitude.
Posted on 6/11/12 at 1:17 pm to kfizzle85
quote:
I mean that's not any different than today. Where were the threads predicting nat gas prices collapsing to a buck? When it turns (which it already has, clearly) so does the stock.
Same MO and leverage existed back then, that is the point. Haynesville positions were supposedly like having your own highly productive gold mine in your backyard (sarcasm intended). To each his own, I have no interest in companies with derelict boards and self enriching CEO/chairman.
Posted on 6/11/12 at 2:07 pm to kfizzle85
quote:
When it turns (which it already has, clearly) so does the stock.
NG prices have clearly turned?
What is creating this upward pressure?Posted on 6/11/12 at 2:30 pm to cwill
I'm not trying to offer any in depth rationalization for the price movement, I'm just saying its rebounded off its low point (which is an inarguable fact), and as thus, so has CHK's stock. And again, the only point there is to make it clear that the shitty operational aspects of the company, however myriad they may be, are significantly and perpetually outweighed by its estimated NAV given its reserves and current pricing. I'm not trying to predict if it will continue to rise or if there is any real fundamental reason for its recent bottoming.
Posted on 6/11/12 at 2:32 pm to tirebiter
quote:
ame MO and leverage existed back then, that is the point.
I don't understand how that is the point. The point is that the stock collapsed because natural gas prices collapsed, not because of having shitty operations and a ton of leverage. Those are contributory factors, not determinant factors.
Posted on 6/11/12 at 3:37 pm to cwill
I made a mistake
I was thinking about EOG in the EF and writing about CHK
I was thinking about EOG in the EF and writing about CHK
Posted on 6/11/12 at 4:23 pm to rmc
quote:
No. It's actually a phrase I heard about 100 times when I did safety contracting work for CHK on the Eagle Ford. I always liked the fact that if you talked to any person in construction, they didn't know if they were going to be working next week and generally didn't give a shite if it was for the company he was currently with.
That's the contractors way of life! I'm a system admin for chk for the reporting system they use on the rigs. I build queries and reports and trouble shoot shite nobody else understands. 75% of the rigs in the gulf of Mexico use this program as their reporting system. I'd hate going back out to the rigs, but I know I can get there if this nice gravy train job I have ever ends.
Posted on 6/11/12 at 5:35 pm to cwill
Hog shooter interval is part of the Wash... Anyway, yes it will take a lot more of these to make an impact, but CHK has a lot of acreage to drill across Tx and OK.
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