Chesapeake Energy , the shale gas drilling pioneer that helped to turn the United States into a global energy powerhouse, has filed for bankruptcy protection. The Oklahoma City-based company said on Sunday that it had been forced to enter chapter 11 protection because its debts of $9bn were unmanageable. How America’s ‘most reckless’ billionaire created the fracking boom Read more It has entered a plan with lenders to cut $7bn of its debt and said it will continue to operate as usual during the bankruptcy process. The oil and gas company was a leader in the fracking boom, using unconventional techniques to extract oil and gas from the ground, a method that has come under scrutiny because of its environmental impact. Other wildcatters followed in Chesapeake’s path, racking up huge debts to find oil and gas in fields spanning New Mexico, Texas, the Dakotas and Pennsylvania. But those companies are now under pressure to service those debts. More than 200 oil producers have filed for bankruptcy protection in the past five years, a trend that was expected to continue as the Covid-19 pandemic saps demand for energy and depresses prices further. Founded in 1989 by Aubrey McClendon and Tom […]

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