Chesapeake leads Standard & Poor’s 500 Index loser ranking for 2015
Wednesday, December 30, 2015
Chesapeake Energy Corp. hasn’t had this bad of a year since 1998. Bloomberg reports that the company lost 79 percent of its market value in 2015 and is now struggling to reorganize its debt.
Chesapeake, no longer the top gas producer in the U.S., has cut its drilling budget and the number of employees, but that hasn’t been enough to bring it out of the gas slump that started last year.
Former CEO and company co-founder Aubrey McClendon was known for overspending and overborrowing, so current CEO Doug Lawler is focused on restructuring the company’s debt.
Via: Bloomberg > Chesapeake leads S&P 500’s Losers Amid Historic Gas Price Slump
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