Chesapeake Energy Just Announced The Best Oil Find In Company History, But The Market Doesn't Care

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Photo: en.wikipedia.org

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. 

To be sure, most major oil and gas players are down today, a response to plummeting commodities prices and newly announced surplus reserves.

But its illustrative of what happens when microeconomics meets macro data.

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