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Chesapeake Energy Corporation (NASDAQ:CHK) has completed its acquisition of Vine Energy Inc. (NYSE:VEI) following approval from Vine's shareholders on November 1, 2021. Shareholders will receive 0.2486 shares of Chesapeake and $1.20 cash per Vine share. Post-merger, Vine's stock will be delisted from NYSE. Chesapeake aims to strengthen its position in the Haynesville Shale by adding over 900 drilling locations, enhancing free cash flow, and facilitating a substantial return of capital to shareholders amidst favorable natural gas prices.
Vine Energy Inc. (NYSE: VEI) announced the successful drilling of the longest onshore horizontal well in Louisiana, the CHKMIN 20-29-32HC-01 ALT. This well, drilled in Sabine Parish, achieved a lateral length of 15,240 feet and a total depth of 27,520 feet over 35 days, costing approximately $400 per lateral foot—setting a record for the company. Completion is expected in January 2022. Additionally, Vine is in the process of being acquired by Chesapeake Energy (NASDAQ: CHK) as part of a definitive agreement established on August 11, 2021.
Vine Energy announced the cancellation of its second-quarter 2021 conference call, originally set for August 16, 2021, following Chesapeake Energy's agreement to acquire the company. The call will not be rescheduled. Vine is expected to file its second-quarter results on Form 10-Q by the same date. The company, based in Plano, Texas, focuses on developing natural gas properties in the Haynesville Basin and is traded on the NYSE under the symbol VEI.
Chesapeake Energy (CHK) has announced its acquisition of Vine Energy (VEI) in a zero-premium transaction valued at approximately $2.2 billion, equating to $15.00 per share. Vine shareholders will receive 0.2486 shares of Chesapeake stock and $1.20 cash per share. This acquisition is expected to enhance Chesapeake's cumulative five-year free cash flow outlook by $1.5 billion, increasing their cash flow to $6 billion. The deal is projected to close in Q4 2021 and is anticipated to lead to a 27% increase in Chesapeake’s base dividend to $1.75 per share.
Vine Energy (NYSE: VEI) has partnered with Project Canary to certify 100% of its assets in the Haynesville Basin, becoming the first company in the region to do so. The certification process is set to begin in November 2021, with an operational review of Vine’s wells and deployment of emissions monitoring devices covering 25-30% of its natural gas production. CEO Eric Marsh highlighted a 62% reduction in methane intensity and a 35% decrease in greenhouse gas intensity over three years, while production has nearly tripled.
Vine Energy Inc. announced it will release its second-quarter 2021 financial results on August 16, 2021, prior to market opening. A conference call is scheduled for the same day at 9 a.m. CT to discuss the results, and the call will be available via live audio webcast on the Company’s website. Based in Plano, Texas, Vine Energy focuses on developing natural gas properties in the Haynesville and Mid-Bossier shale plays. The Company is publicly traded on the NYSE under the symbol VEI.
Vine Energy Inc. (NYSE: VEI) announced an amendment to its subsidiary's second lien term loan agreement, reducing the hedging requirements for future natural gas production. The new terms mandate that only 70% of expected production from proved developed producing reserves be hedged for a 24-month period, down from 70% of total expected production. CEO Eric Marsh noted that this change allows for better alignment with the company's capital structure, enhancing operational flexibility post-IPO.
Vine Energy Inc. (NYSE: VEI) will have its Chairman and CEO, Eric Marsh, along with CFO Wayne Stoltenberg, participate in a fireside chat at the RBC Capital Markets Global Energy, Power and Infrastructure Conference on June 8, 2021, at 1:20 PM ET. This event will be broadcast live via webcast, accessible through the company's Investor Relations page. Vine Energy focuses on developing natural gas properties in the Haynesville Basin, emphasizing free cash flow and shareholder returns while prioritizing environmental and governance leadership.
Vine Energy Inc. (NYSE: VEI) reported its first-quarter 2021 results, revealing a production increase to 724 MMcfd and revenue of $118 million, down from $130 million year-over-year. The company completed an IPO on March 17, raising approximately $322 million and issued $950 million in senior unsecured notes to save $20 million annually in interest. Adjusted Free Cash Flow grew to $20 million, while operating income dipped to -$23 million. Future guidance indicates an annual production target of 1 Bcf per day with a capital spending plan of $340-$350 million.
Vine Energy Inc. plans to release its first-quarter 2021 financial and operating results on May 17, 2021, prior to market opening. A conference call to discuss the results will occur the same day at 9 a.m. CT (10 a.m. ET). The call will be accessible via a live audio webcast on the company’s Investor Relations page and will be archived for later replay.
Based in Plano, Texas, Vine Energy focuses on natural gas properties in the Haynesville Basin.
