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Chesapeake Energy files for bankruptcy
The Hill ^
| 06 28 2020
| Rebecca Klar
Posted on 06/28/2020 2:56:02 PM PDT by yesthatjallen
click here to read article
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How long will it take for the economy to recover if we can't restart the economy until we have a vaccine for covid?
More importantly who will the media blame for the downturn and covid before the November election?
I can't see how anyone can blame covid and the resulting downturn on Trump but that doesn't stop the media from pounding that narrative into the head of ignorant and gullible people.
To: yesthatjallen
To be fair, Chesapeake was highly leveraged and in deep trouble before COVID-19.
To: yesthatjallen
With the surges in the red states, are populations being seeded with the Virus?
3
posted on
06/28/2020 3:01:36 PM PDT
by
Shady
(One More Time: CO2 is PLANT FOOD! Without it we die. Any questions?)
To: yesthatjallen
That’s their goal - use Covid-19 to stop the economy, blame Trump, insist on mail-in-votes to steal the election.
I am wondering if so-called “Elites” will be buying up energy companies or other assets they are starving of business to then benefit after the election when Covid-19 lockdown is released.
4
posted on
06/28/2020 3:01:54 PM PDT
by
ransomnote
(IN GOD WE TRUST)
To: Pearls Before Swine
CHK had large legacy debt it carried. Most in come from natural gas in marcellus.
Then in early 2019 did a merger with Wildhorse in the Eagle Ford to expand d into crude oil. Tried to manage the 9 billion plus in debt. Then oil crashed.
5
posted on
06/28/2020 3:17:04 PM PDT
by
bakkentom
To: yesthatjallen
Chesapeake Energy Corporation headquartered in OKC?
That’s funny.
6
posted on
06/28/2020 3:17:12 PM PDT
by
Vendome
(I've Gotta Be Me https://youtu.be/wH-pk2vZG2M)
To: Pearls Before Swine
I was going to say the same thing. This is not a surprise.
7
posted on
06/28/2020 3:17:13 PM PDT
by
DallasGal
(Is wishing someone would die really all that bad?)
To: Pearls Before Swine
Wasn’t Chesapeake the one that bought up a gazillion acres of shale leases back in the 2000’s?
8
posted on
06/28/2020 3:17:54 PM PDT
by
Rebelbase
To: Pearls Before Swine
There goes my future billions! /s
9
posted on
06/28/2020 3:20:15 PM PDT
by
TribalPrincess2U
(0bama's agenda�Divide and conquer seems to be working.?)
To: Rebelbase
This was Aubrey McClendon’s baby. I think he suicided himself a while back.
To: TribalPrincess2U
Notice how no one is saying a word about the Saudis and the Russians flooding the market with oil? Guess WuFlu blew them off the news.
11
posted on
06/28/2020 3:30:23 PM PDT
by
9422WMR
(democRATS are destroying the country.)
To: Rebelbase
Yup...worked for a long while. Company was a high flier. Unfortunately their CEO was a higher flier.
12
posted on
06/28/2020 3:31:33 PM PDT
by
Mouton
(The media is the enemy of the people.)
To: bakkentom
Wiki says he drove into a concrete embankment at 88mph.
To: bakkentom
[CHK had large legacy debt it carried. Most in come from natural gas in marcellus.
Then in early 2019 did a merger with Wildhorse in the Eagle Ford to expand d into crude oil. Tried to manage the 9 billion plus in debt. Then oil crashed.]
They paid down debt. Then took on more debt. The CEO is mentally deficient.
14
posted on
06/28/2020 3:39:55 PM PDT
by
Zhang Fei
(My dad had a Delta 88. That was a car. It was like driving your living room.)
To: 9422WMR
[Notice how no one is saying a word about the Saudis and the Russians flooding the market with oil?]
The one predictable thing about oil prices since the 70’s is extreme volatility. That suggests the only prudent thing to do is to use very little debt to finance business operations. Instead frackers borrowed up the wazoo as if they were utility companies with predictable cash flows. The end result was not entirely unexpected.
The market isn’t efficient. If lenders knew what they were doing, they wouldn’t have given Chesapeake and its ilk a gigantic pot of money at historically low interest rates (given the kind of risk and leverage the industry took on). But they did so anyway.
15
posted on
06/28/2020 3:46:14 PM PDT
by
Zhang Fei
(My dad had a Delta 88. That was a car. It was like driving your living room.)
To: Pearls Before Swine
16
posted on
06/28/2020 3:51:04 PM PDT
by
ptsal
(Vote R.E.D. >>>Remove Every Democrat ***)
To: ptsal
Flashy management
Like Equifax hiring for diversity.
17
posted on
06/28/2020 4:22:56 PM PDT
by
Dacula
To: yesthatjallen
That will be the central question.Will voters blame the President for the economy...and the deaths...or will they blame others? Of course we know that the ChiComs and their allies at Rat Party Headquarters are responsible but we *absolutely* can't assume that voters will be wise enough...and brave enough...to reach that conclusion.
18
posted on
06/28/2020 4:37:54 PM PDT
by
Gay State Conservative
(The Rats Just Can't Get Over The Fact That They Lost A Rigged Election!)
To: Rebelbase
19
posted on
06/28/2020 4:53:20 PM PDT
by
Codeflier
(Covid-19 taught me: Two types of "conservatives", frightened safety seekers vs. freedom lovers)
To: Pearls Before Swine
Where where they leverage at (Please do not say green energy, lol)? Just asking because running an energy company into the ground with a high velocity of demand seems difficult to do.
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