THE BANKRUPTCY DOMINO’S BEGIN TO FALL: CHESAPEAKE ENERGY FILES

FULL STORY BLOOMBERG.COM : Chesapeake Pushed Into Bankruptcy by Plunging Energy Prices
By David Wethe
, Dawn McCarty
, and Olivia Rockeman
June 28, 2020, 1:52 PM MDT Updated on June 28, 2020, 3:42 PM MDT

The Oklahoma City-based company filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court in the Southern District of Texas on Sunday, listing assets and liabilities in the range of $10 billion and $50 billion, and more than 100,000 creditors.”

Chesapeake Pushed Into Bankruptcy by Plunging Energy Prices
By David Wethe
, Dawn McCarty
, and Olivia Rockeman
June 28, 2020, 1:52 PM MDT Updated on June 28, 2020, 3:42 PM MDT
THIS CHART IS EVIDENCE OF ‘PRODUCTIVITY DECLINE’: DROPPING DEMAND. DROPPING DEMAND WITH LOTS OF SUPPLY = LOWER FUEL PRICES. THIS IS GREAT FOR THE CONSUMER, BUT IT IS EXTREMELY EXPENSIVE TO EXTRACT UTILIZING THE SHALE METHOD, THUS, PRICES MUST MAINTAIN A CERTAIN ‘FLOOR’ FOR IT TO BE PROFITABLE AND SOLVENT. THAT TIME HAS ENDED. MANY U.SA. BASED SHALE COMPANIES WILL FOLLOW SUIT. – EDITOR

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