An SEC filing by Oklahoma City’s Chesapeake Energy shows the company’s Savings and Incentive Stock Bonus plan lost money last year compared to 2017.
The SEC Form 11-K was filed this week and showed the net assets available for benefits fell from $610,818,340 in 2017 to $513,641,672 in 2018. Total investments went from more than $602 million in 2017 to nearly $507 million in 2018. The findings were reported in an audit conducted by PricewaterhouseCoopers LLP of Oklahoma City.
The filing with the Securities and Exchange Commission stated that as of Dec. 31, 2018, the plan held $23,367,965 of Chesapeake common stock which was about 5% of total investments.
“Therefore, net assets available for benefits are particularly sensitive to changes in the value of Chesapeak common stock,” stated the report.
The report showed the company matches 100% of participant contributions up to 15% of participant eligible compensation. Chesapeake’s matching contributions totaled $31,258,074 in 2018.
