Most oil and gas pipeline operators with exposure to Chesapeake Energy would be insulated from material financial impacts if the troubled shale driller were to file for bankruptcy, midstream credit and equity analysts said. While a bankruptcy situation could position Chesapeake to reject or renegotiate firm transportation contracts for interstate natural gas pipelines, those agreements do not comprise a big enough chunk of its midstream providers' revenues to create any sort of domino effect, according to CreditSights midstream analyst Charles Johnston. "Nobody jumped out as being significantly at risk" if the producer, which has a more than $9 billion debt portfolio, fails to pay its notes coming due in 2020, he said in an interview.
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