Chesapeake Proves Haters Wrong after OPEC Announcement


The moves by Oklahoma City’s Chesapeake Energy this week proved to be successful as OPEC agreed to cut its production and the company announced a private placement of up to $1 billion of convertible 10-year debt.

The announcement came less than a day after OPEC’s announcement of cutting oil production by 700,000 barrels a day.

“It was as though the company was just waiting with its finger on the trigger for the right moment,” reported Bloomberg News. “But Chesapeake, the second-biggest U.S. natural gas producer, has proven all the haters wrong—so far at least.”





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