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Wednesday, February 23, 2011

CHK On the Rise

The Oklahoman is reporting that Oklahoma City's Chesapeake Energy (CHK) posted some nice fourth-quarter profits.  It has also been learned that CHK has purchased even more land in the Nichols Hills part of town. 

From the Oklahoman article:
Buoyed by hedging gains of more than $570 million, Chesapeake Energy Corp. on Tuesday reported fourth quarter earnings of $180 million, or 28 cents a share.

For the year, Chesapeake earned more than $1.6 billion, or $2.51 a share, after losing nearly $5.9 billion, or $9.57 a share, in 2009.

The company's oil and natural gas hedging program brought in more than $2 billion in 2010.
As CHK goes, so goes Oklahoma City and it looks like things are looking up for the independent natural gas giant.