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Chesapeake Surges Most in Seven Years on Buyout Speculation

A floorman works on a Chesapeake Energy natural gas rig in the North Texas Barnett Shale bed rock deposit, in Kennedale, Texas.

A floorman works on a Chesapeake Energy natural gas rig in the North Texas Barnett Shale bed rock deposit, in Kennedale, Texas.

Photographer: Matt Nager/Bloomberg
Updated on

Chesapeake Energy Corp., the worst-performing stock in the S&P 500 index last year, jumped the most since 2008 after a financial blog said the shale gas driller may be ripe for acquisition.

The stock rose 20 percent to $2.39 on Monday in New York for the biggest one-day increase since December 2008. Chesapeake has advanced for five consecutive sessions, racking up 50 percent in gains, after Bloomberg reported on Feb. 12 that the company plans to pay $500 million of debt maturing next month.