Chesapeake Energy Feels the Burn

Posting a smaller-than expected third-quarter loss wasn’t enough to help Chesapeake Energy (CHK) shake off persistent worries about cash burn. As Citigroup analyst Robert Morris writes: CHK ended Q3 with a cash balance of ~$1.76bn vs. our ~$1.95bn forecast as the company incurred another drop in working capital ($158mm) as it further reduced activity…Although production […]