Chesapeake Energy filed for Chapter 11, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets. It has been in negotiations with its primary creditors on a restructuring agreement, the company said in a statement Sunday.
Chesapeake has secured a $925 million in debtor-in-possession financing from certain lenders under its revolving credit facility. Some term loan lenders and secured note holders have also agreed to backstop a $600mn offering of new shares.
"We are fundamentally resetting Chesapeake's capital structure and business to address our legacy financial weaknesses and capitalize on our substantial operational strengths", Chesapeake President and CEO Doug Lawler said.
The company said it hoped to come out of chapter 11 with a strengthened "balance sheet and restructure its legacy contractual obligations".
"Despite having removed over $20 billion of leverage and financial commitments, we believe this restructuring is necessary for the long-term success and value creation of the business", Lawler said Sunday. It has focused on drilling in underdeveloped areas of Oklahoma and Texas, largely abandoning traditional vertical well drilling, employing instead lateral drilling techniques to free natural gas from unconventional shale formations.
The company fell victim to its own success after pioneering the shale drilling process in the United States, which led to natural gas prices falling from $20 per million British thermal units to below $2 due to the high supply created by the firm and its competitors.
In subsequent years, management sought to compensate for the decline in its gas fortunes by shifting into oil exploration as fracking turned the USA into the world's largest producer of crude as well as a major exporter.
Loïc Rémy va signer à Benevento
Alors que tous les voyants étaient quasiment au vert pour la prolongation de son contrat , Loïc Rémy ne veut plus rester au LOSC . Cependant, l'international français (30 matchs, 7 buts) a changé d'avis et semble désormais décidé à rejoindre le Calcio.
In May, Mr Lawler was forced to discard his company's full-year outlook and write down the value of US$8.5 billion in assets as energy demand tumbled amid the Covid-19 lockdown. In the Powder River Basin, Crestwood’s midstream assets are supported by a 358,000 acreage dedication by Chesapeake and a 30,000 acreage dedication by Panther Energy, as well as dedications by other producers in the basin.
The bankruptcy follows that of Whiting Petroleum, another major U.S. shale player, two months ago.
Chesapeake lost $416 million in 2019, and its stock lost 60% of its value, falling from about $430 to about $170 a share.
"They brought global upstream investors back to U.S. onshore".
Considering only its asset base, the company is attractive, Beeker said.
"But - and it's a big but - it's hard to make any upstream assets look good with almost $1bn in interest and G&A expenses per year". It is highly likely that there will be more bankruptcies in the sector this year if the situation does not improve.
"Both represent oil growth potential should oil prices recover". The expansion was entirely fueled by debt, which crippled the company when its own success as a producer - and the success of its later rivals - drove the price of natural gas down almost 90 percent.
In one hugely popular skit with the latter, Reiner played a straight man interviewer to Brooks's "2001 Year Old Man". Born Carlton Reiner on March 20, 1922, in New York City, Reiner showed an early interest in acting as a teenager.
Despite his remarks, the airport was named after John Wayne in 1979, approximately eight years after the interview with Playboy . It adds that the county is a more diverse region than it was when Wayne's name was given to the airport.
Cirque du Soleil filed for bankruptcy in Canada on Monday while it develops a plan to restart its business amid the pandemic. It also said shareholders would set aside $20m to provide additional relief to affected employees and contractors.
Me and a couple of other organizers that were with me, just went flinging off. "So we chose to go directly through the roadblock". Cell phone videos of a squad vehicle appearing to plow through a crowd of protesters set off debates on social media Monday.
A commission will design a new flag that can not have the symbol and must include the words "In God We Trust ". Business groups said the banner hinders economic development in one of the poorest states in the nation.
Unite has been calling for the UK Government to put a plan of support in place for the Aerospace sector for months . Wales's minister for economy, transport and North Wales Ken Skates said: "This news is utterly devastating".
It is understood that CAF feels there might not be enough for the qualifiers to be concluded in time for the AFCON. CAF's executive committee also announced that the 2020 CAF Awards ceremony will be cancelled.
Cinemas in England are, in theory, allowed to reopen this weekend, on 4 July, with Odeon now planning to stick to this date. But while some film venues look set to open as early as possible, one of the major chains has in fact delayed its reopening.
Play Ball! Major League Baseball, players reach agreement
One of the biggest concerns has been an increase in positive cases of the coronavirus in various Major League Baseball cities. In terms of testing, players will be tested every other day, regardless of whether or not they are asymptomatic.
65 new cases, 3 deaths in Douglas County
In addition, 32 new cases of COVID-19 were confirmed by Catawba County Public Health Monday, increasing the overall total to 808. There are two new cases reported today, and the state says there was an increase of 60 cases in the past two weeks.
Stephy Mavididi file à Montpellier (Officiel) — Juventus
Le club zebré en a profité pour dévoiler le montant du transfert, lequel culmine à 6,3 millions d'euros payables en trois fois. Le natif de Derby va donc poursuivre sa carrière dans l'Hexagone, après un prêt à Dijon durant l'exercice 2019-2020.
Province raises outdoor gathering limit to 200 people
All public health measures remain in place, however, including physical distancing between people of different households. More than 7,400 Albertans have recovered from the disease and 41 remain in hospital, nine of those in ICU, Dr.
Dallas County COVID-19 Hospitalizations Doubled In June
The true death toll from the virus, which first emerged in China late a year ago , is widely believed to be significantly higher. While some of the rise was down to more extensive testing, the rate of positive tests in some areas is also increasing.
Fauci warns states are "skipping over" reopening checkpoints
In Los Angeles, thecounty wellbeing director stated officials did "not anticipate to see this steep an increase this quickly". The county has recorded more than 100,000 confirmed cases, with a single-day record of 2,903 new cases reported Monday.