The Oklahoma-based energy company said Tuesday in a filing to the Securities and Exchange Commission that if"depressed prices persist," there is "substantial doubt" about its ability to continue as a"going concern."The warning underlines just how far Chesapeake Energy has fallen. The company's early bets on fracking made it a natural gas powerhouse, and at one point it was the nation's No. 2 natural gas producer.
'Nervous and scared.' Coal workers fear for pensions after Murray Energy bankruptcyChesapeake's balance sheet is carrying $9.7 billion of debt, compared with $8.2 billion at the end of 2018 -- nearly five times more than Chesapeake's entire market value. The company warned in the SEC filing that its leverage ratio could breach certain restrictions over the next 12 months.
Thoughts and prayers
So was it was making tons of money? If so what was it doing at that time. How could you be at the forefront in an industry while making it as profitable possible and then not have enough$$, over spending? Giant bonuses? How highly paid are your executives?