I was advised that Chesapeake is filing for bankruptcy, is this true?
At the number of shares prior to the split, $26 would be 13 cents per share. At $1, that would be a half a cent per share. I'd say to those who have not sold their stock before now, it's too late. Don't bother. I truly wish Aubrey was around to see this. Hubris is common in the "C" suites of O&G companies.
yep, we are at that "can we just get this over with" point.
Chesapeake Energy lays off 200 Oklahoma employees
ReutersApril 16, 2020
April 16 (Reuters) - Chesapeake Energy has laid off 200 employees in Oklahoma, the state said on Wednesday.
Half of the job cuts were at the company's Oklahoma City headquarters and half were in the oilfield, according to Oklahoma Office of Workforce Development.
The word was that those laid off were from assets previously sold and in the due diligence phase. They had to be kept on during the transition. This is common. From what I see, don't put the nail in CHK's coffin yet as they don't seem to be slowing down in their core assets. Nothing would surprise me now though.
Any idea of what assets previously sold were still in due diligence phase? What are CHK's core assets now?
I don't have a list handy for their divestitures but they have had offerings on all auction houses for a while now. They have been spinning off non-core assets in all of their basins to service their debt. Their most profitable asset now has to be NEPA Marcellus. They have 3 rigs running and are looking at picking up a 4th.
The last asset sale was their Utica stake and that was 20 months ago. That due diligence phase is long past. IMO the debt hole is too deep although I do expect that CHK will be drilling right up to the end unless there is a pre-packaged bankruptcy.