US shale oil giant Chesapeake Energy files for bankruptcy as the coronavirus crisis claims another energy victim

REUTERS/Steve Sisney

• US shale oil pioneer Chesapeake Energy filed for bankruptcy protection on Sunday, bowing to pressure from heavy debt and rock-bottom energy demand levels during COVID-19.
• Chesapeake filed for Chapter 11 protection in a Texas bankruptcy court to facilitate a "comprehensive balance sheet restructuring," according to its filing.
• Founded in 1989 in energy-state Oklahoma, the company has long battled high levels of debt, but came under particular pressure during the pandemic.
• Chesapeake was slammed with a "strong sell" rating and a $0 price target when global energy prices collapsed and oil prices briefly turned negative earlier this year.
• Visit Business Insider's homepage for more stories.

---

Chesapeake Energy filed for bankruptcy on Sunday, making it the biggest casualty among US energy giants as the coronavirus pandemic upends the oil industry.

Chesapeake has been loaded with debt for a long time but even more so since the start of the pandemic, which has weighed heavily on demand for energy markets.

See the rest of the story at Business Insider

NOW WATCH: We tested a machine that brews beer at the push of a button

See Also:

• Dave Portnoy, the poster child of the day-trading boom, told us why he thinks Warren Buffett is 'past his prime' and was wrong to ditch airline stocks
• 10 things you need to know before the opening bell
• Goldman Sachs just revealed its top stock picks from every part of the energy industry. Here are the 22 stocks to buy now as oil prices climb.

SEE ALSO: A UCLA economist says it will take until early 2023 to restore the US economy and will need 'all the king's horses and all the king's men'

from Business Insider https://ift.tt/2VsoC7Y