Chesapeake Delighted with M-U and Haynesville
DUG Appalachia: Chesapeake Delighted with M-U and Haynesville
Chesapeake Energy | Energy Companies December 5, 2023 marcellusdrilling.com
Chesapeake Energy is a stellar turnaround story. Years of mountainous debt pushed the company into bankruptcy in June 2020 (see Chesapeake Files for Bankruptcy – Debtors to Take Ownership). After Chessy exited bankruptcy, the new owners booted CEO Doug Lawler in April of 2021 (see Doug Lawler Out as CEO of Chesapeake Energy). Lawler tried to chart a new direction for the company by drilling for oil. That strategy was a disaster. The new board selected long-time Chesapeake CFO Dominic Dell’Osso as the new CEO in October 2021 (see Chesapeake Makes it Official – CFO Dom Dell’Osso New CEO). Dell’Osso and the board selected a new direction for the company, changing its ill-fated quest to drill for oil to drilling for natural gas, its first and original mission. According to Chesapeake COO Josh Viets, hard lessons were learned, and the new strategy has paid off.
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Permalink Reply by Skip Peel - Mineral Consultant on
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M-U refers to Marcellus-Utica shale regions.
Articles like this trip my trigger.
I worked for months on the litigation research for the suit against Chesapeake brought by unleased mineral owners. The law was clear and Chesapeake had cheated thousands of small acreage unleased mineral owners by taking illegal post production deductions. Many of those unleased minerals owners were never offered a lease. The damages amounted to some undetermined tens of millions of dollars. As is often the case, the bankruptcy court took care of the interests of the major stockholders and lenders and the rest of the unsecured creditors were left with little or nothing. Yes, "Chesapeake Energy is a stellar turnaround story" because the court took care of them and in the process screwed many including the Louisiana unleased mineral owners.
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