Southeastern is the largest holder of CHK. See their discussion of the investment on p2 of the longleaf partners letter [pdf] they just put out:
"Almost all of what was reported was previously known, but the rapid onslaught of stories blurred the lines between perception and reality.I posted a few weeks ago the calculation showing that from 1993-2013, Chesapeake's cashflow from operations (CFO) will have grown at a compound rate of 43%, and CFO per share will have grown at a compound rate of 20%.
Throughout the controversy, nobody has questioned the quality of the company’s assets. McClendon has done an excellent job building a portfolio of some of the best oil and gas acreage in the U.S. at attractive prices. [...] Also ignored in the criticism is that in 2011, McClendon was recognized as one of only eight public company CEOs who have been in place for over two decades and have earned a 20%+ yearly return for shareholders over that time."