Chesapeake to pay debt; stock price increases this week
Saturday, February 27, 2016
Chesapeake Energy Corp. plans to pay $500 million in debt next month, The Business Journal reports. The company is not seeking bankruptcy protection, even though it was one of the worst performing energy companies in terms of stocks last year. However, investors increased Chesapeake’s stock price by 20 percent Feb. 22.
Chesapeake has the most Utica shale acreage in Ohio out of all companies and has 30 producing horizontal wells in Columbiana County, according to the newspaper.
Chesapeake’s 2015 4th Quarter Earnings Report can be viewed here.
Read more: The Business Journal > Investors Pump Chesapeake Amid Takeover Speculation
Other recent Chesapeake news:
- Chesapeake won’t drill in Ohio’s Utica shale this year Feb. 25, 2016
- Chesapeake hires restructuring firm, stocks drop Feb. 9, 2016
- Chesapeake has no intention to pursue bankruptcy Feb. 8, 2016
- Chesapeake leads Standard & Poor’s 500 Index loser ranking for 2015 Dec. 30, 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.