Ch­e­sa­peake is bust

Financial Mail - - MARKET WATCH -

Ch­e­sa­peake En­ergy, a pi­o­neer of the Amer­i­can shale revo­lu­tion, de­clared bank­ruptcy this week, the big­gest US pro­ducer to have suc­cumbed in an oil price crash that is rav­aging the US’S en­ergy sec­tor.

Founded in 1989, Ch­e­sa­peake went pub­lic in 1993 but it was not un­til the 2000s that the com­pany’s mo­ment ar­rived. It be­came the US’S sec­ond-big­gest nat­u­ral gas pro­ducer and the drilling ma­nia helped drive a shale revo­lu­tion that would within a decade make the US the world’s largest oil and gas pro­ducer. Fi­nan­cial Times

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.