Down a lot BUT
1. Beat on top and bottom line.
2. Debt repayment delayed till early 2013 but levels are becoming attractive.
3. AND THE KEY...CHK sold nat gas at an avg price of $1.99 during the quarter. NGAS currently north of $3.50 and expected to bounce between $3.50 and $4..so sales during this quarter will increase 75%+ over this quarter. Good for a short-term pop.
It was on the transcript. Thought it was a bit low but I imagine they wanted the cash on hand as they restricted debt and what the market would pay at that time. Won't / can't be that low next quarter since bat gas has risen. They could lock in futures at $4 right now