Chesapeake Energy Launches $1 Billion Stock Buyback

Dell'Osso, who took over as Chesapeake's CEO in October, is faced with the task of taking the company back to its position as a top U.S. gas producer.

Arunima Kumar, Reuters

Chesapeake Energy Corp. said it would buy back up to $1 billion of stocks on Dec. 2, becoming the latest shale producer to focus on shareholder returns, as energy prices recover from pandemic lows.

The company's shares rose 3.5% to $59 in premarket trading.

Profit and cash-flow of shale oil and gas producers have got a boost from a run-up in crude prices this year, as the market rebounds from blistering losses during the pandemic.

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