Chesapeake is bust
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