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Deutsche Bank commented on Chesapeake Energy (CHK) today after the company updated its financial and operational plans, which included a major Capex retrenchment. Deutsche Bank said this is just what the doctor ordered.
Deutsche Bank said the highlights of the release were a cash neutral budget, that CHK expects to generate growth of 5-10% for 2009, and 10-15% in 2010 down from 17% and 16%, at the midpoint of prior guidance. Chesapeake is cutting its 2009 capital budget by $3.5 billion, or 43%, and its 2010 budget by $2.95B, or 35%.
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