Chesapeake Energy filed for Bankruptcy Protection
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Chesapeake Energy, a Shale Pioneer, Files for Bankruptcy Protection
https://www.nytimes.com/2020/06/28/business/economy/chesapeake-energy-bankruptcy.html‘Chesapeake Energy, a pioneer in extracting natural gas from shale rock across the country, filed for bankruptcy protection on Sunday, unable to overcome a mountain of debt that became unsustainable after a decade of stubbornly low gas prices.
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There had been rumors of a bankruptcy for months. Roughly 20 American oil and gas producers have already filed for bankruptcy this year, including Ultra Petroleum and Whiting Petroleum. A total of 227 producers have filed for bankruptcy in the five years that ended May 31, involving more than $134 billion in aggregate debt, according to the Haynes and Boone Oil Patch Bankruptcy Monitor.‘
