"Why could they not sell the E/F, Permian, Haynesville/Bossier for about 30 billion? They could pay off debt, significantly reduce capex, and become a leaner and more efficient company."
Yes, I guess they could (price to be determined). But wouldn't it make more sense to sell these assets THEN come up with a capital program to spend it?
Whose idea was it to give guidance on spending that much money BEFORE the sales were made?
We all know they have the assets. Thats why we put our money down. The question is does management have enough sense to know how to "harvest" these assets. I have been hearing the word "harvest" for several years now with no movement in that direction. And AM has said over and over that they are moving to have CHK reach investment grade ratings. Well 2 agencies just dropped our rating.
The problem isn't the assets its the management. Drop AM and the BOD, replace them with "good management" and the stock will jump.
We are in this hole because as asset rich as we are, the market thinks (with good reason) that management is clueless on how to harvest them.
