Chesapeake Energy helped pioneer America's shale natural gas revolution. Now, the company is warning that it may not survive the era of cheap gas it helped to usher in.
The Oklahoma-based energy company said Tuesday in a filing to the Securities and Exchange Commission that if"depressed prices persist," there is "substantial doubt" about its ability to continue as a"going concern."The warning underlines just how far Chesapeake Energy has fallen. The company's early bets on fracking made it a natural gas powerhouse, and at one point it was the nation's No. 2 natural gas producer.
'Nervous and scared.' Coal workers fear for pensions after Murray Energy bankruptcyChesapeake's balance sheet is carrying $9.7 billion of debt, compared with $8.2 billion at the end of 2018 -- nearly five times more than Chesapeake's entire market value. The company warned in the SEC filing that its leverage ratio could breach certain restrictions over the next 12 months.
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