Another energy company to watch regarding its financial challenges is Oklahoma City-based Chesapeake Energy and the company announced this week it will release its 2015 fourth quarter and year-end operational updates and financial results on Wednesday, Feb. 24. The release will be made before the market open on that date and a conference call to discuss the results will be held the same day at 8 a.m. Oklahoma time.
Considered to be the second-largest producer of natural gas and the 12th largest producer of oil and natural gas liquids in the U.S., the company last month announced the suspension of the payment of dividends on each series of its outstanding convertible preferred stock.’
“The board and management believe this decision is in the best long-term interest of all Company stakeholders,” said Doug Lawler, Chesapeake’s Chief Executive Officer as he announced the suspension. He said the decision would allow the company to keep nearly $170 million in additional cash a year and use the money to purchase debt.
“Given the current commodity price environment for oil, natural gas and natural gas liquids, we believe that redirecting this cash toward debt retirement provides better returns for the Company.”
