On an overall down day for energy stocks, Chesapeake Energy Corp.’s share price jumped Wednesday on speculation that BP plc could be making another deal to buy more of the natural gas producer’s assets — or perhaps the entire company.

Chesapeake, whose share price has fallen from a high of around $74/share in early July to trade as low as $11.99 last month, saw its stock price jump more than 8% Wednesday, or nearly $2 after analysts commented about the number of options being traded in the company.

Rumors that BP may be interested in buying the natural gas explorer have been circulating for several weeks. Chesapeake’s share price jumped more than 12% in mid-October after it obtained a fresh line of line of credit for a new midstream spin-off and on speculation in The Wall Street Journal that BP was eyeing some of Chesapeake’s assets (see Daily GPI, Oct. 17).

BP already has partnered with Chesapeake on two transactions this year, spending around $365 billion to acquire some Woodford Shale acreage and for assets in the Fayetteville Shale (see Daily GPI, Sept. 3; July 18). BP CEO Tony Hayward said late last month that the London-based major wanted to take advantage of “new opportunities” that have arisen because of credit market turmoil, but he did not indicate what type of opportunities BP would seek (see Daily GPI, Oct. 29).

“We are well placed to weather the prevailing financial storm and to benefit from the business opportunities that may well arise from a downturn,” Hayward said.

Chesapeake has put several choice pieces of its portfolio up for sale this year. CEO Aubrey McClendon said last Friday Chesapeake had nearly completed previously announced plans to sell a stake in its Marcellus Shale holdings, but he did not indicate who the buyer might be (see Daily GPI, Nov. 3).

A Chesapeake spokesperson declined to comment on the rumors, but financial analysts were offering their take.

“Rumors are swirling about BP closing the deal on the Marcellus,” said AG Asset Management’s Gus Scacco. “BP closing the deal will free up capital for Chesapeake.”

Others think Chesapeake is poised for a takeover because the independent, considered one of the top gas producers in the United States, has accumulated a lot of debt in its quest to expand its North American portfolio.

“Chesapeake shares have come down significantly from its July high of around $74, and because of this decrease in their stock price, Chesapeake is now considered to be a takeover candidate,” wrote vFinance Investments’ William Lefkowitz.

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