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Chesapeake Stock Takes Late Plunge

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The stock price dropped more than ten percent in the last hour of trading, to $14.81, following a regulatory filing, in which Chesapeake indicated it might be forced to delay some of its planned asset sales. The stock price dropped more than ten percent in the last hour of trading, to $14.81, following a regulatory filing, in which Chesapeake indicated it might be forced to delay some of its planned asset sales.
OKLAHOMA CITY -

Shares of Chesapeake Energy dropped sharply in late afternoon trading on Friday, hitting a 3-year low, as the company showed more signs that it's operating in troubled waters.

The stock price dropped more than ten percent in the last hour of trading, to $14.81, following a regulatory filing, in which Chesapeake indicated it might be forced to delay some of its planned asset sales.

5/9/2012 Related Story: Chesapeake Sued Over Use of Private Jets

"While asset monetizations enhance our liquidity," Chesapeake said in the filing, "sales of producing natural gas and oil properties adversely affect the amount of cash flow we generate and reduce the amount and value of collateral available to secure our obligations, both of which are exacerbated by low natural gas prices."

WEB EXTRA:  Chesapeake Energy Timeline

"As a result," the company stated, "we may delay one or more of our currently planned asset monetizations, or select other assets for monetization, in order to maintain our compliance."

Earlier on Friday, Texas billionaire and OSU supporter Boone Pickens Billionaire announced that he recently sold his entire $13 million dollar stake in Chesapeake, citing concerns about the low price of natural gas.

Chesapeake and CEO Aubrey McClendon have been beset by critical media reports in recent weeks, facing criticism for alleged conflicts of interest and poor corporate governance.

The Oklahoma City-based company is annually listed as one of the top companies in America to work for, and employs more than 13,000 people. Close to half of those employees are in Oklahoma City.

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