• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 2 hours The Political Debacle: Brexit delayed
  • 4 hours No Mercy: EU Fines Google $1.7 billion For Abusing Online Ads Market
  • 6 hours Trump sells out his base to please Wallstreet and Oil industry
  • 5 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 13 hours Tidal Power Closer to Commercialisation
  • 3 hours New Rebate For EVs in Canada
  • 13 hours Will Trump Cave Again
  • 15 hours Read: OPEC THREATENED TO KILL US SHALE
  • 14 hours Solar to Become World's Largest Power Source by 2050
  • 4 hours Biomass, Ethanol No Longer Green
  • 1 hour Oil-sands recovery by solvents has started on a trial basis; first loads now shipped.
  • 20 hours Oil stocks are heating up again! What's on your Watchlist?
  • 20 hours Boeing Faces Safety Questions After Second 737 Crash In Five Months
OPEC Threatens To Kill U.S. Shale

OPEC Threatens To Kill U.S. Shale

OPEC is ready to produce…

Oil Prices Surge To Multi-Month Highs

Oil Prices Surge To Multi-Month Highs

Oil prices have surged to…

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

Oilprice - The No. 1 Source for Oil & Energy News