Fracking Trailblazer Chesapeake Energy Files for Bankruptcy - GoHaynesvilleShale.com2024-03-28T16:36:28Zhttps://gohaynesvilleshale.com/forum/topics/fracking-trailblazer-chesapeake-energy-files-for-bankruptcy?xg_source=activity&feed=yes&xn_auth=noBankruptcy court approves Che…tag:gohaynesvilleshale.com,2020-07-01:2117179:Comment:39124472020-07-01T00:28:34.629ZSkip Peel - Mineral Consultanthttps://gohaynesvilleshale.com/profile/ilandman
<h1 class="name post-title entry-title"><span><span class="lockleft">Bankruptcy court approves Chesapeake motions</span></span></h1>
<p class="post-meta"><span class="post-meta-author">By: <a href="https://journalrecord.com/author/journalrecordstaff/" title="">Journal Record Staff</a></span> <span class="tie-date">June 30, 2020</span></p>
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<div class="entry entry-content">The U.S. Bankruptcy Court for the Southern District of Texas has approved Chesapeake Energy Corp.’s…</div>
<h1 class="name post-title entry-title"><span><span class="lockleft">Bankruptcy court approves Chesapeake motions</span></span></h1>
<p class="post-meta"><span class="post-meta-author">By: <a href="https://journalrecord.com/author/journalrecordstaff/" title="">Journal Record Staff</a></span> <span class="tie-date">June 30, 2020</span></p>
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<div class="entry entry-content">The U.S. Bankruptcy Court for the Southern District of Texas has approved Chesapeake Energy Corp.’s motions seeking a variety of relief, including authority to pay owner royalties, employee wages and benefits, and certain vendors and suppliers in the ordinary course for goods and services provided.</div> Crestwood Responds to Chesape…tag:gohaynesvilleshale.com,2020-06-29:2117179:Comment:39124712020-06-29T13:24:24.936ZSkip Peel - Mineral Consultanthttps://gohaynesvilleshale.com/profile/ilandman
<div><h1 class="epi-fontLg bwalignc"><b>Crestwood Responds to Chesapeake Energy’s Bankruptcy Filing</b></h1>
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<div class="bw-release-body"><div class="bw-release-timestamp">June 29, 2020 09:15 AM Eastern Daylight Time</div>
<div class="bw-release-story"><p>HOUSTON--(<span><span><a href="https://www.businesswire.com/" rel="nofollow">BUSINESS WIRE</a></span></span>)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today that Chesapeake Energy (NYSE: CHK) (“Chesapeake”), a…</p>
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<div><h1 class="epi-fontLg bwalignc"><b>Crestwood Responds to Chesapeake Energy’s Bankruptcy Filing</b></h1>
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<div class="bw-release-body"><div class="bw-release-timestamp">June 29, 2020 09:15 AM Eastern Daylight Time</div>
<div class="bw-release-story"><p>HOUSTON--(<span><span><a rel="nofollow" href="https://www.businesswire.com/">BUSINESS WIRE</a></span></span>)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today that Chesapeake Energy (NYSE: CHK) (“Chesapeake”), a customer in the Powder River Basin and northeast Marcellus, has filed for protection under Chapter 11 of the U.S. bankruptcy code. Crestwood has been preparing for this event over the past few months and is well-positioned to maintain full operations to Chesapeake throughout bankruptcy proceedings. Crestwood’s gathering and processing systems are integral to Chesapeake’s operations in the Powder River Basin, as a substantial amount of its revenues are derived from the sale of natural gas and natural gas liquids (NGLs) produced from acreage dedicated to Crestwood, which is the most economic path to market.</p>
<p>Chesapeake is current on all outstanding invoices payable to Crestwood and additional cash flow protection is in place via letters of credit. In the Powder River Basin, Crestwood’s midstream assets are supported by a 358,000 acreage dedication by Chesapeake and a 30,000 acreage dedication by Panther Energy, as well as dedications by other producers in the basin. The Bucking Horse processing facility and the Jackalope gas gathering system are supported by a 20-year fixed fee gathering and processing agreement with Chesapeake that was restructured in the first quarter 2017 and reflects competitive market terms in-line with other midstream operators in the basin. Crestwood provides a critical service to Chesapeake with over 320 wells connected to the Jackalope system.</p>
<p>Following today’s announcement, Crestwood does not anticipate any changes to its ability to achieve the revised 2020 cash flow forecast and financial metrics provided on May 5, 2020.</p>
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</div> Quote excerpt from official C…tag:gohaynesvilleshale.com,2020-06-29:2117179:Comment:39123102020-06-29T12:59:37.009ZSkip Peel - Mineral Consultanthttps://gohaynesvilleshale.com/profile/ilandman
<p>Quote excerpt from official Chesapeake press release and link to full text.</p>
<p><strong><em>Chesapeake has filed customary motions with the Court seeking a variety of "first-day" relief,</em></strong> <span style="font-size: 12pt;"><strong><em><span style="text-decoration: underline;">including authority to pay owner royalties</span></em></strong></span> <strong><em>, employee wages and benefits, and certain vendors and suppliers in the ordinary course for goods and services…</em></strong></p>
<p>Quote excerpt from official Chesapeake press release and link to full text.</p>
<p><strong><em>Chesapeake has filed customary motions with the Court seeking a variety of "first-day" relief,</em></strong> <span style="font-size: 12pt;"><strong><em><span style="text-decoration: underline;">including authority to pay owner royalties</span></em></strong></span> <strong><em>, employee wages and benefits, and certain vendors and suppliers in the ordinary course for goods and services provided.</em></strong></p>
<p><a href="http://www.chk.com/media/news/press-releases/Chesapeake+Energy+Corporation+Commences+Voluntary+Chapter+11+Process" target="_blank">http://www.chk.com/media/news/press-releases/Chesapeake+Energy+Corporation+Commences+Voluntary+Chapter+11+Process</a></p>
<p></p> The other shoe has dropped. …tag:gohaynesvilleshale.com,2020-06-28:2117179:Comment:39122002020-06-28T20:28:43.794ZSkip Peel - Mineral Consultanthttps://gohaynesvilleshale.com/profile/ilandman
<p>The other shoe has dropped. Now to see if the pre-packagaed restructuring plan holds up in court.</p>
<p>Quote from the New York Times article, that about says it all.</p>
<p><strong>"From 2010 to 2013, the company spent approximately $30 billion more on leasing and drilling than it made from its production."</strong></p>
<p>The other shoe has dropped. Now to see if the pre-packagaed restructuring plan holds up in court.</p>
<p>Quote from the New York Times article, that about says it all.</p>
<p><strong>"From 2010 to 2013, the company spent approximately $30 billion more on leasing and drilling than it made from its production."</strong></p>