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MarketWatch 02/26/2020 11:02
Shares of Chesapeake Energy Corp. tumbled 13.3% toward a record low in morning trading Tuesday, after Chief Executive Doug Lawler said plans were being made for a reverse stock split in response to price at "very low levels." The comments came in the conference call with analysts following the energy and gas companies fourth-quarter results, in which losses were narrower than expected but revenue fell more than forecast. "[W]hile we have stock prices fall into very low levels, we will commence actions to reverse split the number of shares with the filing of the proxy in a few weeks," Lawler said, according to a FactSet transcript. Lawler also said "the challenging macro pricing environment" has "further deteriorated" in recent weeks, causin.

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