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Chesapeake Exits Bankruptcy, Pledges to End Routine Flaring in Completions ‘Immediately’ Oklahoma City-based Chesapeake Energy Corp. on Tuesday put the Chapter 11 process in the rear-view mirror and said it wants to take up the gauntlet to develop its substantial Mother Lode of Lower 48 natural gas. At one time the largest natural gas producer and biggest leaseholder in the onshore, Chesapeake succumbed to bankruptcy last June, and as of Tuesday had erased an estimated $7.8 billion in debt. The restructuring marks a “new day,” CEO Doug Lawler said. “We have fundamentally reset our business, and with an improved capital and cost structure, disciplined approach to capital reinvestment, diverse asset base and talented employees, we are poised to deliver sustainable free cash flow for years to come.” ....
Chesapeake Energy Corporation Successfully Emerges From Financial Restructuring News provided by Share this article Share this article OKLAHOMA CITY, Feb. 9, 2021 /PRNewswire/ Chesapeake Energy Corporation (NASDAQ: CHK) announced today that it has successfully concluded its restructuring process and emerged from Chapter 11, satisfying all conditions precedent under its Plan of Reorganization (the Plan ). Highlights of the reorganized Chesapeake include: Anticipated cumulative free cash flow of more than $2 billion over the next five years, providing stability and optionality to return cash to shareholders Targeting long-term net debt to EBITDAX ratio of less than 1.0 times Issued $1 billion senior unsecured notes at a weighted average coupon of less than 5.7% ....