Shares in one of the biggest natural gas companies in the U.S. were halted on Tuesday after plunging by half on a report the company could be about to go bankrupt.
Financial news agency Bloomberg first reported that Chesapeake Energy is considering an arrangement whereby some of its biggest creditors would take control of the company, potentially wiping out shareholders in the process.
The move would be a shocking turn of events for a company that once rivalled Exxon in terms of its influence in the U.S. energy sector. The Oklahoma-based company was founded in 1989, and became a pioneer in fracking, a controversial process of injecting pressurized water and chemicals into previously unobtainable natural gas reservoirs in order to extract them.
No comments:
Post a Comment