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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Chesapeake Energy Corporation    CHKAQ

CHESAPEAKE ENERGY CORPORATION

(CHKAQ)
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U.S. energy bankruptcy surge continues on credit, oil-price squeeze

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08/11/2020 | 12:26pm EDT

Aug 11 (Reuters) - Another 16 U.S. energy firms filed for protection from creditors last month, reflecting crude oil prices below levels that are profitable for many companies, according to a report by law firm Haynes and Boone on Tuesday.

More than 50 oil and gas firms have filed for bankruptcy since oil prices crashed in March, led by exploration and production companies with 29 filings. The amount of debt held by these companies, $49.69 billion, is nearly twice the debt held by energy bankruptcy filers all of last year, the law firm's data showed.

Oil prices have fallen by about a third from above $60 a barrel at the start of the year as the COVID-19 pandemic crushed fuel demand. They briefly turned negative in April.

Energy companies this year rushed to slash spending by laying off workers, paring executive salaries and scaling back drilling, but oil producers posted large losses in the second quarter.

"This latest downturn not only affects smaller recently hatched shale producers, but July saw two of the largest filings involve well-established oil companies," lawyers wrote in a note.

Last month, oil and gas producers California Resources Corporation and Denbury Resources both filed for Chapter 11. Together, those firms combined account for $7.7 billion in debt.

Shale gas giant Chesapeake Energy also filed for Chapter 11 in June, listing $9.17 billion in debt.

Some 21 oilfield service firms have filed for bankruptcy since the start of the downturn. In July, according to the report, filers included driller Noble Corporation and fracking companies BJ Services and Calfrac Well Services . Hi-Crush, a fracking sand supplier, also filed for Chapter 11.

Only one energy pipeline and logistics firm has filed for bankruptcy since the downturn began, but the law firm warned that "a number of midstream companies may need to seek protection" this year. (Reporting by Liz Hampton Editing by Chris Reese)


Stocks mentioned in the article
ChangeLast1st jan.
CALFRAC WELL SERVICES LTD. 2.86% 0.18 Delayed Quote.-85.60%
CHESAPEAKE ENERGY CORPORATION 3.45% 4.2 Delayed Quote.-97.46%
DENBURY INC. -4.46% 0.03 Delayed Quote.-97.87%
HI-CRUSH INC. -3.20% 0.01665 Delayed Quote.0.00%
LONDON BRENT OIL 0.02% 42.89 Delayed Quote.-34.86%
NOBLE CORPORATION PLC 1.03% 0.0293 Delayed Quote.-97.60%
WTI 0.27% 41.481 Delayed Quote.-33.36%
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Financials (USD)
Sales 2020 - - -
Net income 2020 -9 284 M - -
Net Debt 2020 3 290 M - -
P/E ratio 2020 0,00x
Yield 2020 -
Capitalization 39,7 M 39,7 M -
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees 2 300
Free-Float 63,4%
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Consensus
 
Mean consensus SELL
Number of Analysts 2
Average target price
Last Close Price 4,06 
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Managers
NameTitle
Robert Douglas Lawler President, Chief Executive Officer & Director
R. Brad Martin Non-Executive Chairman
Domenic J. Dell’Osso Chief Financial Officer & Executive Vice President
Merrill A. Miller Lead Independent Director
Thomas L. Ryan Independent Director
Sector and Competitors
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CANADIAN NATURAL RESOURCES LIMITED-45.31%20 615
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