Jack of all trades...

Master of None.

That's what the Wall Street Journal blog said about Chesapeake while downgrading their status to sell.

Let the spin begin.

“In short, management’s approach reminds us of a children’s book entitled ‘But I Wannntt It!,’ aimed at getting kids to realize they can’t have everything they want,” he writes.” We think it would be better if management would show greater discipline and reduce its asset appetite.”

After telling investors that it expected to spend $2 billion on leasing new drilling properties this year, Chesapeake, he notes, has already spent about $3.8 billion through three quarters, and recently said it continues to gobble up land in Ohio’s Utica Shale at a clip of about 1,000 acres a day.

In an interview with The Wall Street Journal on Wednesday, before the note was published, McClendon said he believes the window is fast closing for companies to cheaply acquire drilling rights in oil-producing shale formations and that the companies that lay claims to these deeply buried rocks will be those that thrive five to 10 years from now.