Chesapeake Energy (NYSE: CHK) states that the second largest investor, NGP Energy Capital Management, "made a natural pro rata distribution of the shares" to partners in the funds.
CHK gave no further clarification in the statement after yesterday's closing, but the sale of NGP's 310.8M shares may provide at least a partial explanation for the stock's fall in precipitation in recent days.
CHK + 18.6% pre-market; Reuters also reports that Comstock Resources is in talks to buy CHK's Haynesville shale wealth for more than $ 1B.
The PE firm, which had a 1
"Chesapeake continues with great faith that our current capital and operating program, together with the planned 30% reduction in investments by 2020, will strengthen the company's financial position for a long term," the company also said in its statement.
The news came after the CHK fell to its lowest price in more than 25 years yesterday.