Chesapeake Energy (NYSE:CHK) continues to improve its long-term outlook with asset sales in addition to new leadership, but the United States' second-largest natural gas producer still has plenty of headwinds to fight. The company's 2013 capital expenditures are earmarked for liquids production, but natural gas is still the future of the company, so without natural gas price appreciation, Chesapeake will remain discounted. 

In addition to natural gas prices, Chesapeake has lofty liquids growth targets and if the company continues to divest assets at discounted prices, the firm might have to unload valuable liquids plays. If the market corners Chesapeake into selling large portions of midcontinent and Eagle Ford assets, the company could fall short of hitting its liquids growth projections and further depress its share price.