I know I'm a couple of weeks late, but one of the reasons I never put anything into CHK was that I could never what business they were in, in part because I wasn't sure they knew. It's nice to be the biggest acreage holder, but that's like saying someone had a 12 inch penis and Marilyn Monroe would have loved it. Too many working interests.
Aubrey brings that out in me. While everyone was praising him for spreading the risk with JVs and big cash deals, I was wondering why he didn't just stick to business and maximize working interest on the best acreage and forget about the rest. If you're laying off 50 percent of your acreage in a play, it just seems to me you have a need that should be obvious -- or you're not willing to take the risk of developing what you claim you found.
Had I been a stockholder in CHK, I would never have forgiven him for the mess of 2008. Yes, it was a terrible crisis and OG was hurt, including HK. Between the NG price and the crisis, we watch HK go from being ascendant at near 50 to a fallback, but they were angels the size of pinheads dancing on dimes while CHK looked like an elephant dressed in a clown suit dancing on a Suzie B. And for that, they rewarded AM with a $110 million bonus after he damn near busted the company and himself. He disagrees with me and people of the same ilk.
You semi-CHK fans shouldn't worry about this. I've never been very nice to AM. I don't know if he's decided whether he wants to be the OK city version of George Steinbrunner (who is after all dead) and Lorenzo di Medici -- or maybe Catherine di Medici (the allusion is not to sex but place.