Chesapeake Energy Corp. said Sunday that it had filed for bankruptcy protection as an oil- and gas-price rout stoked by the coronavirus pandemic proved to be...
Chesapeake Energy Corp. said Sunday that it had filed for bankruptcy protection as an oil- and gas-price rout stoked by the coronavirus pandemic proved to be the final blow for a shale-drilling pioneer long hamstrung by debt.
Co-founded in 1989 by the late wildcatter Aubrey McClendon, Chesapeake CHK, -7.27% was early to recognize that horizontal drilling and hydraulic fracturing could unlock vast troves of natural gas, a trend that led to a rebirth of American fossil-fuel output and eventually made the U.S. the top oil producer in the world.
By the end of 2008, the Oklahoma City-based company had drilling rights to nearly 15 million acres, according to a securities filing, an empire roughly the size of West Virginia. That vast footprint once helped Chesapeake earn the title of second-largest U.S. gas producer. var isStaging= > -1 || document.domain.indexOf > -1); var htmlElement=document.documentElement; var site=htmlElement.getAttribute; var michelangeloBaseUrl; var michelangeloFrameUrl, michelangeloTemplateUrl; if { michelangeloBaseUrl="https://api-staging-secure.wsj.net"; } else { michelangeloBaseUrl="https://api-secure.wsj.net"; } michelangeloFrameUrl=michelangeloBaseUrl + '/ui/michelangelo/Scripts/dist/michelangelo-frame/michelangelo-frame.
Chesapeake is one of many debt-laden U.S. oil and gas producers now facing a reckoning as a coronavirus-induced economic slowdown saps demand for fossil fuels.How app makers break their apps to avoid paying Apple.
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