Energy Insights: GMX SPUDS Its 8th Well, Chesapeake Has TWO Activists
JPMorgan (NYSE:JPM) woes now extend into the energy industry, as the firm has been twice subpoenaed recently by the Federal Energy Regulatory Commission as it invstigates whether the bank employed certain bidding strategies in order to manipulate higher energy prices in California and in the Midwest. The crux (at the moment) is whether JPMorgan’s ‘secret’ key emails are legally privileged.
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Shares of GMX Resources (NYSE:GMXR) pop on word of the spudding (initial dig) of an eighth Bakken well in North Dakota. The firm has a 50 percent working interest in the Basaraba 24-35-1H, with a proposed total depth of 20,950 feet along with a proposed total vertical depth of 11,221 feet. The bore was spud using a Helmerich & Payne (NYSE:HP) FlexRig 3.
Chesapeake (NYSE:CHK) is poised to benefit when the prices of natural gas rebound, declares Carl Icahn to CNBC. The activist investor also commented that “Aubrey [McClendon] is a very bright guy and he’s put a lot of great assets together… Now they have to cut expenses, but I think they can.” On CHK’s board reconfiguration, which he mostly instigated, he notes that “The shareholders control the company now”. But meanwhile back at the ranch, Chesapeake attracts a new activist, as the Third Point hedge fund says that CHK is its fourth largest position. There are just too many cliches and metaphors possible here…
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