NYSE: VRI 58.42 +0.18 +0.31% Volume: 747,454 20 Minute Delay October 20, 2021

News Details

Chesapeake Energy Corporation Commits $100,000 to Red Cross for Hurricane Ida Relief, Challenges Vine Energy to Match Donation

Wednesday, September 22, 2021

Oil and gas industry leader Chesapeake Energy Corporation announced a $100,000 donation to the American Red Cross in support of Hurricane Ida relief efforts, marking the company’s first major donation since emerging from bankruptcy earlier this year.

To double their donation’s impact, Chesapeake Energy issued a challenge to Plano-based company, Vine Energy who successfully raised an additional $100,000.

Funds will be utilized to provide safe emergency lodging, serve meals and snacks, distribute relief items to people in need, issue emergency financial assistance and provide long-term recovery services, including emotional support, health services and spiritual care for those who have been impacted by Hurricane Ida.

“Chesapeake is incredibly proud to support communities impacted by Hurricane Ida,” said Mike Wichterich, Chesapeake Energy Board Chairman and Interim Chief Executive Officer. “Our hearts are with those who have experienced tremendous damage and devastation. We hope our contribution to the Red Cross encourages others in our industry to make impactful investments to support ongoing relief and recovery.”

Hurricane Ida made landfall in Louisiana as a dangerous Category 4 storm, leaving more than one million residents without power in the first 72 hours of impact. Weeks later, nearly 100,000 are still without power and tens of thousands are without access to water.

Since Ida first threatened the U.S., the Red Cross reports providing more than 1,100 trained Red Cross workers to support operations, including providing 32,000 overnight stays, serving 506,000 meals and snacks, and distributing 214,000 relief items to storm-impacted communities thus far.

“The Red Cross is able to deploy these critical resources, supplies and an expertly trained workforce because of the support from our community partners,” said Alice Townsend, Regional Chief Executive Officer of the Kansas and Oklahoma Red Cross region. “We are incredibly grateful to Chesapeake’s powerful leadership and visionary commitment to social responsibility and humanitarian service. While this donation would have been generous and impactful on its own, Chesapeake Energy additionally leveraged its network to double the gift!”

Preliminary damage assessments show Ida impacted more than 16,000 homes, severely damaging or destroying more than 7,200 homes.

“Vine Energy is proud to join Chesapeake in aiding communities impacted hardest by Hurricane Ida,” said Eric Marsh, Vine's Chairman, President, and Chief Executive Officer. “We share an unwavering commitment to communities where we work, operate, and call home, and we greatly appreciate the Red Cross’ tireless work to help those impacted recover.”

Chesapeake recently announced an acquisition agreement with Vine Energy, which is expected to close in the fourth quarter of 2021.

The Red Cross Hurricane Ida relief efforts currently spans six states, occurring concurrently with California wildfires, Tennessee flooding, flooding in the northeast, an ongoing need for blood, and continuing COVID-19 challenges. Red Cross is also supporting international operations, including Haiti earthquake relief, hurricane preparedness and response in Mexico, an emergency sheltering operation for Afghan refugees in partnership with the Department of Defense, and increased emergency services and support for military members, veterans, and their families.

“The Red Cross is working around the clock with our partners to provide help to people struggling with the heartbreaking emergencies throughout the nation,” Townsend said. “Red Cross volunteers – including a rotation of more than 60 volunteers from our local communities – are there to provide support and comfort.”

“During times like this it is critical that we come together as a company to support our friends and neighbors most in need,” Wichterich said. “Doing so is not only the right thing to do, but it is core to our culture and foundational to meeting our commitment to leading a responsible energy future.”

Chesapeake began developing natural gas in Louisiana's Haynesville Shale in 2008. In 2019, Chesapeake drilled or participated in 16 net wells across 263,000 net developed acres of oil and natural gas leaseholds.​

Vine Energy holds 227,000 net effective acres in the Haynesville Basin located in North Louisiana where it explores two substantial pay zones: the Haynesville and Mid-Bossier.

Chesapeake hopes its investment inspires other gifts, creating a crowdfunding site for employees and partners to make additional investments in disaster relief. To join Chesapeake in helping those impacted by Hurricane Ida and other disasters, visit https://rdcrss.org/3hDDA6i or contact Sharla Owens at 918-240-9013 or sharla.owens@redcross.org.

###

About American Red Cross

The American Red Cross shelters, feeds and provides comfort to victims of disasters; supplies about 40% of the nation’s blood; teaches skills that save lives; distributes international humanitarian aid; and supports veterans, military members, and their families. The Red Cross is a nonprofit organization that depends on volunteers and the generosity of the American public to deliver its mission. For more information, please visit redcross.org or CruzRojaAmericana.org, or follow us on Twitter at @RedCross.

About Chesapeake Energy

Headquartered in Oklahoma City, Chesapeake Energy Corporation's (NASDAQ: CHK) operations are focused on discovering and responsibly developing its large and geographically diverse resource base of unconventional oil and natural gas assets onshore in the United States.

About Vine Energy

Vine Energy Inc., based in Plano, Texas, is an energy company focused on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shale plays in the Haynesville Basin of Northwest Louisiana. The Company is listed on the New York Stock Exchange under the symbol "VEI".

View all News