Chesapeake leaders acquire more company shares


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Just a few days after Chesapeake Energy doubled its share buyback offer from $1 billion to $2 billion, some executives in the company acquired more shares in the Oklahoma City company.

The expanded buyback program was announced June 22 and reports filed with the U.S. Securities and Exchange Commission show at least three company executives launched their own acquisitions of company shares buying nearly $1 million in stock.

Chesapeake President and CEO Dominic J. Dell’Osso Jr. acquired 3,000 shares at $82.04 each or $246,126 on June 24.

Company Executive Chairman Michael Wichterich made three separate purchases—and acquired $415,800 in shares. One purchase was on June 24 for 3,000 shares at $81.5 and two separate acquisitions on the 27, one for a thousand shares at $85.6 and another for a thousand shares at $85.7.

Chesapeake’s Executive Vice President and Chief Operating Officer Joshua J. Viets acquired 1,700 shares at $75.188 for a total of $127,819.

Prior to the expanded share buyback announcement, three directors made acquisitions of company shares. All were carried out on June 9 according to the SEC filngs.

Matthew Gallagher acquired 2,443 shares at $92.1 for $225,000. Sarah Emerson paid $200,041 for 2,172 shares at $92.1 each. Brian Steck acquired 2,443 shares at $92.1 each for a sum of $225,000.

Filings also reflected Chesapeake’s Executive Vice President and General Counsel Benjamin Russ sold 142 shares at $84.35 each for $11,977 on June 16 before the announcement of the expanded share buyback.

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In announcing the expansion of the buyback, Chesapeake’s Dell’Osso Jr. said the company leadership believes the company stock is undervalued.

“Doubling our buyback authorization to a total of $2 billion, in conjunction with our commitment to our base and variable dividend program, highlights our confidence in our sustainable free cash flow generating capability and our commitment to shareholder returns. Our disciplined capital allocation strategy is delivering leading per share cash returns and highlighting the compelling value in our shares.”