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Fracking pioneer Chesapeake Energy files for bankruptcy

Fracking pioneer Chesapeake Energy files for bankruptcy

Chesapeake Energy files for bankruptcy

Chesapeake Energy Corp. said Sunday that it had filed for bankruptcy  protection as an oil- and gas-price rout stoked by the coronavirus  pandemic proved to be the final blow for a shale-drilling pioneer long  hamstrung by debt.

Co-founded in 1989 by the late wildcatter Aubrey McClendon, Chesapeake         CHK,          -7.27% was early to recognize that horizontal drilling and hydraulic  fracturing could unlock vast troves of natural gas, a trend that led to a  rebirth of American fossil-fuel output and eventually made the U.S. the  top oil producer in the world.

By the end of 2008, the Oklahoma  City-based company had drilling rights to nearly 15 million acres,  according to a securities filing, an empire roughly the size of West  Virginia. That vast footprint once helped Chesapeake earn the title of  second-largest U.S. gas producer.

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Source: Fracking pioneer Chesapeake Energy files for bankruptcy

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