Chesapeake CEO says 'strongly' believes in current capital program
November 12, 2019, representatives of NGP Energy Capital Management, L.L.C., the beneficial owner of 310,812,722 shares of common stock of Chesapeake Energy Corporation, informed the company that, prior to the commencement of trading, NGP, as manager of certain investment funds, made an in kind pro rata distribution of the shares of the company to the respective partners of these investment funds. Chief Executive Officer Doug Lawler commented, "Chesapeake continues to strongly believe our current capital and operating program, coupled with the planned 30% reduction in capital expenditures in 2020, will strengthen the financial position of the company for the long term. We have substantial liquidity with no significant near-term maturities. We continue to pursue strategic levers to reduce debt, including asset sales, capital markets transactions, and focus on cost discipline. Additionally, we are de-risking our cashflows through our hedging program and remain confident in our long-term liquidity."