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Dec. 2, 2021, 7:09 a.m. EST

Chesapeake Energy sets $1 billion stock buyback program

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By Tomi Kilgore

Chesapeake Energy Corp. /zigman2/quotes/224537584/composite CHK +5.13% announced Thursday plans to repurchase up to $1 billion worth of its common stock and/or warrants to buy back stock over the next two years. The value of the buyback program represents about 15% of oil and natural gas company's market capitalization of $6.68 billion as of Wednesday's close. The stock, which was little changed in premarket trading, has dropped 7.9% amid a four-day losing streak to close Wednesday at a three-month low. "We are pleased to build upon our previously announced base and variable dividend structure to include the ability to repurchase a significant amount of our outstanding equity," said Chief Executive Nick Dell'Osso. The stock has slipped 2.2% over the past three months while the SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE +3.77% has climbed 10.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.20% has slipped 0.5%.

/zigman2/quotes/224537584/composite
US : U.S.: Nasdaq
$ 67.03
+3.27 +5.13%
Volume: 2.29M
Jan. 25, 2022 3:55p
P/E Ratio
9.08
Dividend Yield
2.58%
Market Cap
$7.47 billion
Rev. per Employee
$4.41M
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/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 65.24
+2.37 +3.77%
Volume: 52.75M
Jan. 25, 2022 3:55p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,357.35
-52.78 -1.20%
Volume: 2.51B
Jan. 25, 2022 3:55p
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