Deutsche Bank Said Chesapeake Energy (CHK) News Is Just What The Doctor Ordered
December 8, 2008 by Douglas A. McIntyreDeutsche 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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