Chesapeake: A Whale Among Distressed Minnows

摘要

US E&P Chesapeake Energy has had it back against the wall before. As the country's largest independent gas producer, Chesapeake bore the brunt of a collapse in US natural gas prices in 2008, and saw its cash flows eroded further as prices collapsed again in 2012. The company's woes were not simply a matter of lower realizations, but a pain exacerbated as its co - founder prioritized making Chesapeake the largest landholder in nearly every US oil and gas resource play at the expense of cost control and without a view that commodity prices could materially weaken.