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Chesapeake Energy Soars on $1B Buyback Plan After $5B Asset Sale

Shares of Chesapeake Energy (CHK) soared after the energy company announced a $1 billion buyback plan Tuesday morning, making it TheStreet's Move of the Day.

Shares of Chesapeake Energy (CHK) soared after the energy company announced a $1 billion buyback plan Tuesday morning, making it TheStreet's Move of the Day. The oil and gas company authorized the common stock repurchase program. CEO Doug Lawler said that the decision to repurchase is aligned with the company's focus to increase shareholder wealth. Late yesterday, the company announced that it closed the sale of its assets in the Southern Marcellus Shale and a portion of the Eastern Utica Shale to Southwestern Energy (SWN) for nearly $5 billion. Shares of Chesapeake Energy closed up on heavy trading volume, making it the top gainer on the S&P 500.

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