Summary
Chesapeake Energy Corporation (CHK) filed an 8-K on April 16, 2002, to announce a routine corporate action: the declaration of its regular quarterly cash dividend on its 6.75% Cumulative Convertible Preferred Stock. The dividend payment is set for May 15, 2002, for shareholders of record on May 1, 2002, amounting to $0.84375 per share. This action reflects ongoing operational stability and commitment to preferred shareholders, as the company continues its operations as a significant independent natural gas producer in the U.S. Mid-Continent region. The announcement, while standard, provides a snapshot of the company's financial management practices regarding its preferred equity. With 3.0 million shares outstanding and a liquidation value of $150 million, the preferred stock represents a material component of Chesapeake's capital structure. Investors can view this regular dividend payment as an indicator of consistent performance and the company's ability to meet its financial obligations.
Key Highlights
- 1Chesapeake Energy Corporation declared a regular quarterly cash dividend on its 6.75% Cumulative Convertible Preferred Stock.
- 2The dividend payment is scheduled for May 15, 2002.
- 3Shareholders of record as of May 1, 2002, are eligible to receive the dividend.
- 4The dividend rate is $0.84375 per share.
- 5There are 3.0 million shares of preferred stock outstanding.
- 6The total liquidation value of the preferred stock is $150 million.
- 7Chesapeake Energy Corporation is identified as one of the 10 largest independent natural gas producers in the U.S.