Chesapeake Energy Corp. is preparing a potential bankruptcy filing that could hand control of one of the leading lights of the U.S. shale revolution to senior lenders, according to people with knowledge of the matter.
It’s been a tough run for energy stocks.
Early shale developer Chesapeake Energy said Tuesday it is acquiring Houston's WildHorse Resource Development for $3 billion in cash and stock.
Chesapeake Energy has made changes to its board of directors.
Chesapeake Energy said it plans to sell part of its acreage in the Haynesville shale area for $450million to a private firm.
The actions that resulted in former Chesapeake Energy Corp. chief Aubrey McClendon’s indictment aren’t uncommon across the shale patch, lawyers and analysts said. McClendon was charged Tuesday with allegedly violating antitrust laws known as the Sherman Act by coordinating a scheme in which two companies didn’t bid against each other for oil and natural gas leases in Oklahoma. He died in a car crash in Oklahoma City the next day.
A former chief executive of Chesapeake Energy has been charged with conspiring to rig bids to buy oil and natural gas leases in Oklahoma.
Chesapeake Energy is having its worst year since 1998 after halting dividend payouts, slashing drilling budgets and cutting one of every six employees failed to rescue the energy explorer from the deepest gas-market rout in 16 years.
A lawsuit has been filed by the Attorney General in Pennsylvania against Chesapeake Energy over alleged claims of underpayment to landowners who leased acreage for fracking.
Chesapeake Energy has reduced its 2015 capital budget for the second time this year as looks to cope with the decline in oil and gas prices. The company, which raised its production forecast, has also been hit by weak natural gas prices. Around 15% of its workforce has been cut so far.
Chesapeake Energy has been fined $2.1million for alleged under reporting on natural gas produced on Indian leases in Oklahoma, according to reports. The Department of Interior's Office of Natural Resources Revenue Office said it had issued a civil penalty against the Oklahoma city-based company for failing to comply with an October 2011 order requiring it to review the amounts reported for more than 100 leases.
U.S. natural gas producer Chesapeake Energy reported a quarterly loss, compared with a year-earlier profit, as it took a $5 billion charge on some oil and gas assets. Oil and gas producers including Encana and Chevron have taken massive impairment charges this year as the value of their assets has dropped after global oil prices more than halved in the past year. Natural gas prices, which have also plunged due to a supply glut, are showing no signs of recovery.