Chesapeake Energy preparing for bankruptcy

[Fredkrueger100]

https://www.usnews.com/news/top-new...ke-energy-preparing-bankruptcy-filing-sources

I didn’t see this on here so I thought I would post. If it’s already in a thread please delete or merge. This is very sad. Chesapeake’s leadership has made some purely ignorant decisions over the last several years. But I bet their execs continued to rake in millions while they continued firing folks.

 

[dennishoddy]

It's tough to make a business work when the government shuts down your livelihood and foreign governments are in a pissing contest to see who can bankrupt the other.
Just another cycle in the American oil patch. I worked in it for over 20 years and the wife got in 44 years. We've seen a lot of these cycles.

 

[TwoForFlinching]

Group Buy?

 

[SoonerP226]

It's a chapter 11 reorganization, not a chapter 7 liquidation, so don't go throwing dirt on them yet.

 

[CHenry]

Trump has handed Saudi an ultimatum. ..stay tuned.

 

[dennishoddy]

US technology built the Saudi empire in the 70's from nomadic tribes to what it is now after petroleum was discovered there.
Just an FYI, the biggest refinery in the US is totally owned by the Saudi's.
https://money.cnn.com/2017/05/01/in...s-largest-oil-refinery-port-arthur/index.html

 

[Fredkrueger100]

It's a chapter 11 reorganization, not a chapter 7 liquidation, so don't go throwing dirt on them yet.

Yes I know that. It’s gonna be hard to restructure the company with close to 10 Billion in debt. They should has never switched from NG to shale. Regardless, their management is the cause of this. Not the coronavirus and not Saudi Arabia. Nevertheless, I sincerely hope they pull through and are able to get back to making good profits. I don’t want to see anymore folks lose their jobs.

 

[Pstmstr]

My son in law is an engineer in fracking with them and still has a job.....as of today. They have been giving fired employees up to a year of severance pay.


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[SlugSlinger]

They will be selling their assets to a company that has some cash. btw, I wondered how their stock went from $0.15 per share to $40.00 per share.
They did a 1 - 200 reverse stock split. That means for every 200 shares you had, you now have 1. They had to do this or they would have been delisted from the NYSE.

Here's the adjusted stock price range for the year. Yes, the adjusted high price is $588.00 and the low is $12.30.

52 Week Range $12.30 - $588.00


Yesterday they dropped $9.35 (-34.82%)

and the Pre-Market is $16.90 -1.24 (-6.84%)

 

[n423]

I was an oil/gas Auditor for 30 yrs and stepdad was a independent Geologist. My dad retired from Kerr McGee after 25 yrs.as an Accountant. He was forced to or move to Houston.

Have seen a lot of changes. The oil/gas industry has done a lot for Okla and I have had a lot of friends in the industry. I have no regrets, lot of good people in it...