• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 18 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour What-If - Russia decided to take out the Saudi and Kuwait oilfields
  • 21 hours "As the Earth Cools, the Climate Change Hoax Heats Up" by Michelle Edwards
  • 21 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 18 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 18 hours The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 1 day PROFOUND ! "Russian Ruble relaunched linked to Gold and Commodities" by the famous Ronan Manly -- (NOTE the censorship by the MultiPolar New World Order of The Great Reset))

Chesapeake’s Stock Plunges on Bankruptcy Fears

Chesapeake Energy, the second largest natural gas producer in the United States, came under severe pressure on Monday after rumors surfaced that the company was near bankruptcy.

Over the weekend, the publication Debtwire reported that Chesapeake sought the help of Kirkland & Ellis to help it with its debt, fueling speculation that Chapter 11 bankruptcy was not far away. When the markets opened on Monday, Chesapeake paid the price. Its share price tumbled by more than 50 percent. Trading was briefly halted, but by midday, the company’s stock was down 33 percent.

Chesapeake dismissed the concerns, saying that it "currently has no plans to pursue bankruptcy and is aggressively seeking to maximize value for all shareholders." Chesapeake has $10 billion in debt and only $1.8 billion in cash on hand. The company’s stock is down by more than 93 percent over the past 12 months.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News