Expand Energy (Formerly Chesapeake)

[Pete]

^

Yes, the timing of this just didn't work out because before Aubrey was deposed, CHK was a buyer of the Mid* properties.

Once that changed, MidFirst made a hard run at the OPUBCO properties and the writing was on the wall.

Now, this transaction really makes a lot of sense for both companies. Will be interesting to see if MidFirst develops the two properties between the larger office buildings. They have the potential to have a very nice campus of their own.

[Plutonic Panda]

We certainly knew this was coming, but I still think this sucks. MidFirst would have been a great anchor to have downtown.

Honestly, I'm glad. There needs to be a balance of big, strong anchors out in the burbs as well as downtown. I think this is a good choice and hopefully we see a beautiful facility come out of this.

[warreng88]

We certainly knew this was coming, but I still think this sucks. MidFirst would have been a great anchor to have downtown.

I would rather them buy up empty CHK buildings instead of building something brand new DT just because and thus opening up over 100,000 feet of commercial space, not to mention all the empty building around them.

[HangryHippo]

I would rather them buy up empty CHK buildings instead of building something brand new DT just because and thus opening up over 100,000 feet of commercial space, not to mention all the empty building around them.

It seems like nice space away from downtown gets taken up a lot faster than we're seeing large new tenants move downtown. My preference would be for downtown to have MidFirst and then let other companies pick off what they want from the digs near CHK.

[Easy180]

^

Yes, the timing of this just didn't work out because before Aubrey was deposed, CHK was a buyer of the Mid* properties.

Once that changed, MidFirst made a hard run at the OPUBCO properties and the writing was on the wall.

Now, this transaction really makes a lot of sense for both companies. Will be interesting to see if MidFirst develops the two properties between the larger office buildings. They have the potential to have a very nice campus of their own.

My guess is they don't do much to make it a campus. They seem to be pretty low key. Kinda the opposite of the company they bought the buildings from.

[HangryHippo]

Chesapeake Energy planning record $3 billion bond offering to refinance debt | Dallas Morning News

[TechArch]

Pete -
When you get the chance, could you update the map that shows the properties owned by Chesapeake after all these sales? It would interesting to see how much they have shrunk in land mass after all the recent transactions.

[Pete]

Pete -
When you get the chance, could you update the map that shows the properties owned by Chesapeake after all these sales? It would interesting to see how much they have shrunk in land mass after all the recent transactions.

I'm working on it.

[onthestrip]

CHK stock, as well as Sandridge, hit 52 week highs today.

[ou48A]

Chesapeake Loses Bid to Reverse $121 Million Gas Verdict - Bloomberg

Chesapeake Energy Corp. (CHK), the second-largest U.S. natural gas producer, must pay $121 million to three Texas lease holders after failing to persuade an appeals court to overturn a verdict that it reneged on deals to buy mineral rights when prices plunged in 2008.

A federal judge in Houston ruled in 2012 that Chesapeake couldn’t escape contracts to lease more than 500 oil and gas properties from Preston Exploration Co. and two affiliates. The Oklahoma City-based company began negotiating the leases in June 2008, only to see gas prices plunge by as much as 50 percent in the weeks before the contract closing that November.

The lawsuit is one of hundreds of landowner claims filed in federal and state courts in Texas, Michigan, Pennsylvania and other states alleging Chesapeake broke contracts for oil and gas leases.

Chesapeake had no basis for claiming Preston and its affiliates couldn’t deliver their end of the deal and was therefore required to fulfill its obligations under the agreement, a three-judge panel of U.S. Court of Appeals in New Orleans said in its ruling today.

[rlewis]

It looks like Chesapeake is continuing to get it's act together financially. This should calm a lot of nerves about Chesapeake's future prospects. The article also mentions the strong quarter that Devon Energy had as well. This bodes very well for our local economy.

Chesapeake, Devon, Spectra's Oil And Gas Output Rises CHK DVN SE - Investors.com

[Plutonic Panda]

I think Chesapeake got its act together awhile ago, but dug itself so far a hole, it took awhile to get out. At least they are going up.

[Plutonic Panda]

Despite layoffs, Chesapeake Energy still qualifies for city job creation payments | News OK

[PhiAlpha]

Don't know if this has been mentioned anywhere, but the oil field services CHK spin off deal is now complete. The new company is called Seventy Seven Energy (for the 77 counties in Oklahoma) and will be headquartered in okc. Operating on its own should give it an excellent opportunity to expand its operations and client base. Should be a good deal for OKC that will add some more diversity to our energy company mix if this new company can add more clients that aren't CHK. With 5500 employees, this will be a fairly good size oil field services company and there aren't many of those (or really any) headquartered here. The new company's market cap is currently $1.12 billion.

http://www.marketwatch.com/story/sev...ion-2014-07-01


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[Plutonic Panda]

Sorry if this is a stupid question, but will those 5,500 employees, or the ones that aren't here, be relocated here? So that means new jobs in OKC? If so, that is great. Hopefully they'll move into a nice building somewhere in the metro.

[PhiAlpha]

Sorry if this is a stupid question, but will those 5,500 employees, or the ones that aren't here, be relocated here? So that means new jobs in OKC? If so, that is great. Hopefully they'll move into a nice building somewhere in the metro.

I wouldn't think that much would change from where they are located now. The vast majority of those 5,000 people are out of field offices and that shouldn't change. I'm sure this will net some additional employees in OKC as the company grows though.


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[Rover]

Don't know if this has been mentioned anywhere, but the oil field services CHK spin off deal is now complete. The new company is called Seventy Seven Energy (for the 77 counties in Oklahoma) and will be headquartered in okc. Operating on its own should give it an excellent opportunity to expand its operations and client base. Should be a good deal for OKC that will add some more diversity to our energy company mix if this new company can add more clients that aren't CHK. With 5500 employees, this will be a fairly good size oil field services company and there aren't many of those (or really any) headquartered here. The new company's market cap is currently $1.12 billion.

Seventy Seven Energy Inc. Completes Spin-off from Chesapeake Energy Corporation - MarketWatch


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A common measure of the health of a city's economy is the number of NYSE companies headquartered there. This adds yet another to OKC.

[Plutonic Panda]

I wouldn't think that much would change from where they are located now. The vast majority of those 5,000 people are out of field offices and that shouldn't change. I'm sure this will net some additional employees in OKC as the company grows though.


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cool! And thank you

[DowntownMan]

Seventy Seven's HQ is the building on 63rd that was the old CHK administration and imaging center. 63rd & Shartel

They have a sign up now.

[pw405]

Crazy how 63rd street is becoming OKC's "Energy Corridor" of sorts. Nothing close to the scale of Houston's, but just 2 years ago there was only CHK. Now we've got CHK, SSE, and AEP all within a mile of each other. AEP and CHK are more direct competitors, as they both engage in exploration and production, but they will likely both use SSE for field work.

For those not in-the-know, The E&P's use highly specialized contractors to complete certain processes and jobs to bring oil/gas to the market. For example - CHK needs to drill a well. They will hire a drilling contractor (SSE's is "Nomac Drilling") to construct ("drill") the well. A completions contractor to "activate" the well (fracturing) (SSE's is "Performance Technologies"), and then you'll need a company to handle bringing what comes out of the well (oil, hopefully) to a place where you can sell it. SSE handles all of these aspects of the O/G business.

[Plutonic Panda]

Chesapeake subsidiary sells assets for $135 million | News OK

[warreng88]

Drove down 63rd last night from 235 to Penn. How is it that the intersection of Classen and 63, quite ppossibly one of the busiest in the city during peak times, has not been redone? I feel like I am off-roading every time I drive that street east to west or west to east.

[Plutonic Panda]

wrong thread

[warreng88]

wrong thread

You of all people should know that the title and content of threads don't matter.

[Plutonic Panda]

You of all people should know that the title and content of threads don't matter.

i have ADHD so I get a pass