Chesapeake hires restructuring firm, stocks drop
Tuesday, February 9, 2016
According to Pittsburgh Post-Gazette PowerSource, Chesapeake Energy Corp.’s stock fell 33 percent yesterday from a $2.05 per share at closing on Friday, after reports that the company had hired a restructuring firm were released.
Yesterday, Chesapeake announced that it was not going to seek bankruptcy protection, even though it is working to manage debt. Read more from Pittsburgh Post-Gazette PowerSource here: Chesapeake’s stock plummets on news it hired restructuring firm
Recent Chesapeake news:
- Chesapeake leads Standard & Poor’s 500 Index loser ranking for 2015 Dec. 30, 2015
- Another lawsuit filed against Chesapeake in Pennsylvania Dec. 15, 2015
- Lawsuit filed against Chesapeake in Marcellus Dec. 8, 2015
- Lawsuits seek class action status against Chesapeake Exploration Nov. 10, 2015
- Chesapeake cuts over 700 jobs Oct. 2, 2015
- Chesapeake announces Utica gas gathering agreements with Williams Sept. 11, 2015
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.