Ok good, you threw me off as I didn't think they had bought downtown.

I was told about Oncue from the current leaseholder of that Conoco. January is their last month of business and I'm sure things will start to get rolling with Oncue. It's no secret that Oncue and CHK are partners with the CNG station just down the street. There is not a decent gas station or convenience store on that strip of Western so I could definitely see why CHK would have an interest in going through all of this trouble for an Oncue.

Took pics of the future On Cue today:

[IMG]http://i980.photobucket.com/albums/ae288/snewlon/010-2.jpg
http://i980.photobucket.com/albums/ae288/snewlon/011-1.jpg
http://i980.photobucket.com/albums/ae288/snewlon/012-1.jpg

Thanks metro.

The Conoco is closed, correct?

I'm not sure. No cars were there as you can see, but the inside looked open, lights were on. You can kinda tell in the pics.

I'm not sure. No cars were there as you can see, but the inside looked open, lights were on. You can kinda tell in the pics.

Also looks like the fuel pricing has been removed from the exterior signage.

Isn't that vacant lot immediately west of the Harvey Parkway Building for sale? If so, it seems like CHK would have snapped it up.

Well as of today CHK is dumping and leveling dirt by the truckloads
on that lot... so guess it got snapped up in the CHK Kingdom

I took new pics yesterday, will post later.

Strangely, Chesapeake has turned their Christmas lights tonight.

I know they never took down the ones on the construction cranes but tonight they turned on a bunch of the tree lights as well.

Strangely, Chesapeake has turned their Christmas lights tonight.

I know they never took down the ones on the construction cranes but tonight they turned on a bunch of the tree lights as well.

Its for valentines day.

OnCue site:

http://i980.photobucket.com/albums/ae288/snewlon/oncue1.jpg

The beginning of the end for CHK? Interesting article written by Forbes.... http://www.forbes.com/sites/christopherhelman/2012/02/13/chesapeake-energys-new-plan-desperate-measures-for-desperate-times/

Welcome to the forum, Downtown_OKC.

He have a separate thread for Chesapeake business practices here:

http://www.okctalk.com/showthread.php?t=26031&page=7

The beginning of the end for CHK? Interesting article written by Forbes.... http://www.forbes.com/sites/christopherhelman/2012/02/13/chesapeake-energys-new-plan-desperate-measures-for-desperate-times/

Rats! The site isn't responding.

Well it's too late for them to vacate and build downtown now, but if they are smart, they might start building some real office space TOWERS where they are instead of that stupid campus crap they have. When you run out of horizontal, you go vertical...unless you're CHK and you just keep getting fatter...and uglier. A couple of 15 story buildings would do them good with a few parking garages to boot.

Yes, their configuration is already incredibly inefficient. Some of these buildings are going to be close to a mile apart.

However, their current Planned Unit Development calls for nothing over six floors. They could change that but they already have most their campus planned out at that height or lower.

Also, they simply can't build enough of these small buildings to house their employees, which is why they are buying buildings miles from their campus. I pointed this out earlier but it has been taking them about 2 years to complete any building while Devon will have moved in their first employees within 2.5 years; and they are building 1.8 million square feet all at once.

CHK has been working on their campus for over a decade and is no where close to finishing.

We could sell them the rubber tire trolleys. I was thinking we need them for the state capitol, as there are ridiculous distances between buildings and parking there, but perhaps Chesapeake would like a great deal on some barely used vehicles.

They'd convert them to NG

^

Great ideas!

did anyone figure out why Chesapeake bought that old hotel just south of I-40 west of town?

did anyone figure out why Chesapeake bought that old hotel just south of I-40 west of town?

They have lots of operations in western OK, maybe they plan on using it for the rig crews?

You may recall that last year CHK bought the two six-story Central Park buildings and mentioned one of the big positives is that they had been recently upgraded.

Today, there was a $1 million building permit to remodel the 5th floor of the south building. Assuming they do this for each floor for both buidlings, that's another $12 million total investment on top of the original $29 mil.

To put this in perspective, SandRidge is spending about $.5 million per floor on a building that had not been touched since the early 70's.

I've come to the conclusion lately that Chesapeake is making me nervous. Is anyone else coming to that conclusion?

I've come to the conclusion lately that Chesapeake is making me nervous. Is anyone else coming to that conclusion?

Yes. Very.

Yes

I've come to the conclusion lately that Chesapeake is making me nervous. Is anyone else coming to that conclusion?

You are new to Chesapeake! This is their MO. They have almost gone under three or four times. They are known for walking the line. You get used to it. Just know when to buy and sell the stock. You can make a lot of money!

Yes, they love to spend and have always been able to grow their way out of any expense problem.

I sure hope that continues but I would imagine they are always going to have lots of ups and downs... I just pray none of their downs are so low they can't come back up.

as "bad" as things look for CHK they still made almost 500 mil last Q and are expected to make that next Q as well ..

as "bad" as things look for CHK they still made almost 500 mil last Q and are expected to make that next Q as well ..

Also keep in mind that CHK, though "living on the edge" year after year has huge land and gas formation assets. I believe those assets are currently valued at or around $68 billion. Compare that to there $12 billion debt load and you can assume that they aren't going anywhere anytime soon. If it becomes time to service the debt and they don't have the cash they could sell off some of the millions of acres they own. Not something they want to do but still an option if needed.

Also keep in mind that CHK, though "living on the edge" year after year has huge land and gas formation assets. I believe those assets are currently valued at or around $68 billion. Compare that to there $12 billion debt load and you can assume that they aren't going anywhere anytime soon. If it becomes time to service the debt and they don't have the cash they could sell off some of the millions of acres they own. Not something they want to do but still an option if needed.

That sounds good and all but if you don't drill on a lot of those leases within 3 years you lose the lease. So, that $68 billion is not a hard asset.

That sounds good and all but if you don't drill on a lot of those leases within 3 years you lose the lease. So, that $68 billion is not a hard asset.

I'm not as tuned in to CHK or the industry as many others here, but I think these are the fundamentals of their problem: They are paying above market rates for leases to produce natural gas at a loss (due to the sharp drop in natgas prices) and they're selling assets to cover their operating losses.

I'm not as tuned in to CHK or the industry as many others here, but I think these are the fundamentals of their problem: They are paying above market rates for leases to produce natural gas at a loss (due to the sharp drop in natgas prices) and they're selling assets to cover their operating losses.

which at some point won't work .... but they are not close to that point yet ... if in 5-10 years nat gas is still under 3 then chk is in real trouble

That is where the dart struck on the map? IDK, I am so confused about CHK nowadays...

I think they are trying to make a color by numbers drawing on the property appraisers map. Someday you will be able to shade in all the property owned by CHK and it will actually spell out "CHK".

I think they are trying to make a color by numbers drawing on the property appraisers map. Someday you will be able to shade in all the property owned by CHK and it will actually spell out "CHK".

Wonder if it one will be able to make it out from a flyover plane if all the holiday lights get turned on at the same time.

as "bad" as things look for CHK they still made almost 500 mil last Q and are expected to make that next Q as well ..

Well that's about what they blow on a typical 2,000 sf house that sits in their way...

Chesapeake is going to be fine. In 5 years they will be one of the biggest oil companies in the U.S... They are not pursuing gas right now. The growth of their liquids production will be astronomical.

This might have already been talked about before, but my cousin works for Chesapeake and told me awhile ago that three of the buildings they were building (now mostly complete) were in the shape of Aubrey McClendon's initials. The building (A) starts with what is now the Midstream building on 63rd and continues on to the next 2 buildings south of Midstream. Has anyone seen an aerial shot to know if this is true or was it just a rumor floating around CHK?

This might have already been talked about before, but my cousin works for Chesapeake and told me awhile ago that three of the buildings they were building (now mostly complete) were in the shape of Aubrey McClendon's initials. The building (A) starts with what is now the Midstream building on 63rd and continues on to the next 2 buildings south of Midstream. Has anyone seen an aerial shot to know if this is true or was it just a rumor floating around CHK?

There was a town hall meeting a few months ago (posted on CHK intranet) where Aubrey makes fun of that rumor.

Besides, the new building south of midstream doesn't look like a "K"...and the midstream building would have to be turned around for his initials to work...the "K" should be across the street on top of the NH water well :)

http://www.okctalk.com/images/pete/chk72711c.jpg

did building 15 change design. the current steel work doesn't match the shape you have in the drawing.

Chesapeake is going to be fine. In 5 years they will be one of the biggest oil companies in the U.S... They are not pursuing gas right now. The growth of their liquids production will be astronomical.

Not when they have to sell them at huge discount this year just so they can pay their bills.

Not when they have to sell them at huge discount this year just so they can pay their bills..

They have to raise about 10bil this year to fund capex, which they will easily do through monetization. I doubt it will be at a huge discount as onshore U.S. assets are pretty easy to sell right now.

They are having a huge Fortune 500 party on Tuesday bussing all of their employees to the Cox Center.

$800K building permit today to renovate the building at 825 NW 58th, which is immediately west of the newly commenced Garage #5 project.

It's 13,000 square feet and labeled "Chesapeake Health Building":

http://www.oklahomacounty.org/assessor/Searches/sketches/picfile/2636/R085592580001uA.jpg

Pete, they've been remodeling that building for at least 4 months and appears to be nearing completion. Is this a 2nd permit?

Nope, first permit. Not sure why it is just being filed now.

Does it look much different from the outside?

Yeah it's black now and the east side of the building is gone (for PG5)
I'll try and snap some pics on my way home.

Any idea what they are building to the Southeast of the RTC building. I see cranes and what look like a retaining wall in the distance on the RTC camera. The site map shows that this was supposed to be a retention pond. Maybe this is something in regards to the highway?

It's definitely not part of a highway...

My guess it's just infrastructure for the retention pond, as they have been piling dirt in that general area for years.

Yeah it's black now and the east side of the building is gone (for PG5)
I'll try and snap some pics on my way home.

I'm surprised CHK did not convince the City to paint the arena black as part of thier sponsorship deal......

I'm surprised CHK did not convince the City to paint the arena black as part of thier sponsorship deal......

Painted brick is much harder to maintain than the bricks original color. Especially black, a color that does not hide dirt well and tents to fade.

Oh wow, black brick on the Ford Center would have looked slick.

Painted brick is much harder to maintain than the bricks original color. Especially black, a color that does not hide dirt well and tents to fade.

Correct. My comment was actually intended in a joking manner since many of the buildings the empire is buying, they are then painting/staining them black.

I wonder how much that adds to the cooling bill.

I can't figure out how to grab the HTML from my iPhone so here's a link. If someone wants to post them thy would be great!

http://www.flickr.com/photos/53062852@N00/6800294008

Thanks!

http://farm8.staticflickr.com/7069/6946403399_e2b1e7cb71_b.jpg (http://www.flickr.com/photos/53062852@N00/6946403399/) Untitled (http://www.flickr.com/photos/53062852@N00/6946403399/) by KingGober (http://www.flickr.com/people/53062852@N00/), on Flickr

http://farm8.staticflickr.com/7061/6800294008_d532c753b7_b.jpg (http://www.flickr.com/photos/53062852@N00/6800294008/)
Untitled (http://www.flickr.com/photos/53062852@N00/6800294008/) by KingGober (http://www.flickr.com/people/53062852@N00/), on Flickr

$400K permit to remodel one of the floors in the Harvey Parkway building and $200K for 5,900 square feet in the Caliber Center.


Has anybody been by Nichols Hills Plaza lately? Is there construction happening in the old Crescent space? I new grocer is supposed to be opening there soon.

Here is the master plan:

http://i.imgur.com/ZDq85.jpg

I found this over on reddit. It was posted by a guy who is a construction sales consultant working on the Devon Tower at the moment. This master plan is a little older than the updated one and it has buildings all the way up to 23 and he says when finished, there should be about 28 buildings total!

Wow that seems sort of crazy. Do you have the reddit link? i would be curious to read the comments.

Looking at that it seems really planned out but in a really weird/crazy way.




Also i wonder what is crossed out in orange. it is only on the buildings that are currently under construction. Interesting that it is on the lake as Pete has never seen a permit for that.

Wow that seems sort of crazy. Do you have the reddit link? i would be curious to read the comments.

Looking at that it seems really planned out but in a really weird/crazy way.




Also i wonder what is crossed out in orange. it is only on the buildings that are currently under construction. Interesting that it is on the lake as Pete has never seen a permit for that.

Here is the reddit link: http://www.reddit.com/r/oklahoma/comments/qnwjy/bricktown_from_top_floor_of_the_devon_tower/c3z5kk3

Crossed out areas were "personal names"

Here is the master plan:

http://i.imgur.com/ZDq85.jpg

I found this over on reddit. It was posted by a guy who is a construction sales consultant working on the Devon Tower at the moment. This master plan is a little older than the updated one and it has buildings all the way up to 23 and he says when finished, there should be about 28 buildings total!

Wow, great find. Thanks so much.

I'll update the aerials I created with this new information.