The tribulations at Chesapeake Energy Corp. proved to be a rerun of the week before, with the stock price ticking lower, more shareholders publicly voicing their disapproval, another credit ratings agency downgrade and the board of directors announcing yet more changes. However, CEO Aubrey McClendon said last week he was confident several planned property sales this year would plug a funding gap estimated at $10 billion.
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Prices Emulate Previous Friday’s Plunges
Another Friday, another price rout. In a seeming rerun from a week earlier, weekend prices tanked hard Friday in response to lack of weather-related load and a bearish storage report in which the 81 Bcf injection exceeded most prior expectations.
October 11, 2004
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