Carl Icahn has increased his stake in oil company Chesapeake Energy Corporation (NYSE:CHK) to 11%.

Carl Icahn bought 6.6 million CHK shares with his High River LP, Icahn Partners LP and Icahn Partners Master Fund LP investor groups. Before this he had a 9.9% stake in the company. He last bought Chesapeake Energy Corporation in the second quarter of 2013, reports Bloomberg.

Carl Icahn decision to increase his stake in Chesapeake Energy Corporation comes during the company’s worst quarter since 2008. Since the end of December, CHK shares have lost 28 % of their value. Following Icahn’s share purchase, the company’s shares increased 3% in value, Bloomberg notes.

In February, Carl Icahn said that he expects oil prices to continue to decline in the near future. Low oil prices have resulted in Chesapeake Energy Corporation reducing its 2015 capital budget to $3.5 billion to $4 billion. Previously, it was set at $4 billion to $4.5 billion, reports Reuters.

CHK shares were up slightly as of Noon Tuesday.

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