Multiple outlets reported this morning on Chesapeake’s announcement of a “significant” oil find in the Hogshooter (!) formation, which straddles Oklahoma and Texas.Only Bloomberg’s Joe Carroll, however, emailed the company for a quote. Here’s what a spokesman told him:
“It’s the best oil well in the history of the company,” said Jim Gipson.
One of the wells produced 5,400 barrels of crude a day during its first eight days of operation, the company said in its statement.
The market, however, either didn’t notice or doesn’t care: The stock is down more than 4 per cent today, to $16.20.
But its illustrative of what happens when microeconomics meets macro data.