My latest Seeking Alpha article:
What really strikes me is how much Chesapeake's balance sheet is deleveraged by these EBITDA increases. From an Enterprise Value to EBITDA of 3.9 to 1 in 2012 Chesapeake could get down to under 2 to 1 with an increase in natural gas prices. Throw in the debt reduction that Chesapeake plans from assets sales that are designed to reduce net debt to $9.5 billion and this company starts to look almost sensibly leveraged.
Link to article : http://seekingalpha.com/article/1037401-just-how-much-does-chesapeake-stand-to-gain-from-rising-gas-prices