Chesapeake Energy: rise and fall of a US shale star

FINANCIAL TIMES 🔒| Chesapeake Energy spearheaded the shale revolution a decade ago that ushered in an era of US energy independence, embodying a period of corporate extravagance as it rose to become a $35bn company.

Now the indebted group is on the brink of a bankruptcy that would make it the biggest casualty of the turmoil sparked by coronavirus that is ravaging America’s oil and gas sector.

Its shares have plunged 90 per cent since January, taking its market capitalisation to just $130m. Bond markets are pricing in default. A reverse stock split in April raised fears of imminent insolvency.

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