Fracking pioneer Chesapeake Energy is drowning in debt

[Yo_Mama_Been_Loggin]

Chesapeake Energy helped pioneer America's shale natural gas revolution. Now the company is warning that it may not survive the era of cheap gas it helped to usher in.

The Oklahoma energy company said Tuesday in a filing to the Securities and Exchange Commission that if "depressed prices persist," there is "substantial doubt" about its ability to continue as a "going concern."

The warning underlines just how far Chesapeake Energy has fallen. The company's early bets on fracking made it a natural gas powerhouse, and at one point it was the nation's No. 2 natural gas producer. Aubrey McClendon, Chesapeake's late founder and CEO, was considered one of the leaders of the shale boom.

But the company now is drowning in $10 billion of debt. And it's struggling to pay it all back, because America is swimming in excess natural gas, keeping prices very weak. Chesapeake's average realized natural gas price dropped nearly 12% during the third quarter.

https://www.msn.com/en-us/money/companies/fracking-pioneer-chesapeake-energy-is-drowning-in-debt/ar-AAJTV9C?li=BBnbfcN

Boohoo.

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1. Only one thing to do

Liquidate any pension funds, distribute it to the company executives, declare bankruptcy, and all the fatcats walk away with a buttload of money while the workers spend years in court trying to get a few dollars out of the corporate corpse.

[bluecollar2]

2. Are you an airline CEO by any chance?

Tom Horton...is that you?

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4. Just a lucky guess on my part

[bluecollar2]

5. Lol...n/t

[redstatebluegirl]

3. I know a lot of people who work there.

I am not fond of the oil and gas industry but the number of families who will be in huge trouble if this happens is staggering. There are not many good paying jobs with benefits here in Oklahoma.