OKLAHOMA CITY, June 22, 2022 /PRNewswire/ -- Chesapeake Energy Corporation
(NASDAQ: CHK) today announced that its Board of Directors has doubled its
previously announced repurchase program authorization from $1 billion to up to
$2 billion in aggregate value of its common stock and/or warrants through
year-end 2023. To date, under its previously authorized program, Chesapeake has
repurchased approximately 5.4 million shares of its common stock at an average
price of approximately $89 per share.
Nick Dell'Osso, Chesapeake's President and Chief Executive Officer, stated
"We firmly believe our stock is undervalued and are pleased to announce
material progress on our buyback program today. Doubling our buyback
authorization to a total of $2 billion, in conjunction with our commitment to
our base and variable dividend program, highlights our confidence in our
sustainable free cash flow generating capability and our commitment to
shareholder returns. Our disciplined capital allocation strategy is delivering
leading per share cash returns and highlighting the compelling value in our
shares."
The repurchase authorization permits Chesapeake to make repurchases on a
discretionary basis as determined by management. Acquisitions under this
repurchase authorization may be made through open market or privately
negotiated transactions. This repurchase authorization does not obligate
Chesapeake to acquire any particular amount of common stock or warrants, and
may be modified, extended, suspended or discontinued at any time without prior
notice.
Headquartered in Oklahoma City, Chesapeake Energy Corporation's (NASDAQ:CHK)
operations are focused on discovering and responsibly developing its large and
geographically diverse resource base of unconventional oil and natural gas
assets onshore in the United States.
Forward-Looking Statements This news release and the accompanying outlook
include "forward-looking statements" within the meaning of Section 27A of the
Securities Act