On Sunday Chesapeake Energy filed for bankruptcy (see Chesapeake Files for Bankruptcy – Debtors to Take Ownership). Yesterday the New York Stock Exchange, on which Chesapeake shares (CHK) trade, halted trading and immediately began proceedings to delist the stock.This post appeared first on Marcellus Drilling News.
Read More...Low oil and gas prices amid the coronavirus pandemic proved to be the final blow for Chesapeake Energy Corp. as it filed for chapter 11 bankruptcy over the weekend, according to The Wall Street Journal. Although Chesapeake is the latest debt-laden oil and gas company to file for bankruptcy, it may not be the last.
Read More...We’ve been on bankruptcy watch for Chesapeake Energy for some time now. We told you yesterday that the company faced a $17 million debt payment deadline yesterday, and faces a $134 million bond interest payment on July 1 (see Doug Lawler Drilled Chesapeake’s Grave – Not Aubrey McClendon). If the company is going to declare
Read More...On Wednesday the Pennsylvania Supreme Court heard oral arguments in a case challenging whether or not the state Attorney General’s office has the right to use a consumer protection law to prosecute companies like Chesapeake Energy and Anadarko over royalty payment shenanigans. The law the AG’s office wants to use has never been used that
Read More...Comstock Resources is in talks to purchase Chesapeake Energy Corp’s Haynesville shale assets in Louisiana, according to Reuters, who cited sources familiar with the matter. If the companies can come to a concrete agreement, the deal could be worth more than $1 billion. At this time, Comstock and Chesapeake have settled on a basic structure
Read More...In 2017 a group of Ohio landowners did what others had previously done in Pennsylvania, Texas and elsewhere–they filed a proposed class action lawsuit against Chesapeake Energy claiming Chessy had screwed them and about 1,000 other Ohio landowners out of a collective $30 million in royalty payments (see OH Landowners File Royalty Class Action Lawsuit
Read More...Chesapeake stock performance last 5 yrs (click for larger version) Chesapeake Energy released its second quarter 2019 update yesterday. The company continues its mission to transform itself from a natural gas producer into an oil producer. The company is on track to produce 250,000 barrels per day (bpd) of oil in 2019 (averaging 122,000 bpd
Read More...Chesapeake Energy Corp.’s shares reversed course yesterday, trading down nearly 12% as Wall Street analysts raised concerns about its debt level and the impact of spending on its cash flow, according to Reuters. Concerns of Chesapeake overspending come as investors are pressing oil and gas producers to cut their budgets and save cash for dividends
Read More...Toby Z. Rice and Derek A. Rice, EQT shareholders trying to wrest control from the executives and board of the U.S.’s largest natural gas producer, said last week they’re reducing the size of their slate of nominees for the EQT board to seven from nine, Kallanish Energy reports. The change was motivated by EQT’s announcement
Read More...This article is provided FREE for Google searchers. In order to access all content on Marcellus Drilling News, please visit our Subscribe page. We read on a regular basis in mainstream media that shale companies spend more money than they bring in, and that investors are growing tired of pumping money into companies without a
Read More...Encino may have retained Chesapeake’s office and 110 employees; however, it’s committing to a business model of its own, according to the Canton Repository. Texas-based Encino Energy plans to focus on proven reserves and a healthier balance sheet rather than spending freely to explore new areas and accumulating debt. Encino Energy, a partner in Encino
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