Chesapeake’s Collapse Is Latest in Long Line of Shale Disasters
By David WetheJune 29, 2020, 4:25 AM GMT+3
Over 200 North American producers have gone under since 2015
This year, at least 20 have filed for bankruptcy protection
The shale bust has reached a grim milestone by claiming the pioneer of America’s drilling renaissance. But Chesapeake Energy Corp., which filed for bankruptcy protection on Sunday, is just the latest in a long list of casualties.
More than 200 North American oil and gas producers, owing over $130 billion in debt, have filed for bankruptcy since the beginning of 2015, according to a May report from law firm Haynes & Boone. This year alone, at least 20 have gone under after oil prices plunged amid the Covid-19 pandemic.