Low oil and gas prices amid the coronavirus pandemic proved to be the final blow for Chesapeake Energy Corp. as it filed for chapter 11 bankruptcy over the weekend, according to The Wall Street Journal.
Although Chesapeake is the latest debt-laden oil and gas company to file for bankruptcy, it may not be the last. According to The Wall Street Journal, more than 200 shale companies could file for bankruptcy in the next two years if oil and gas prices stay around current levels.
Filing for protection with more than three dozen affiliated companies, Chesapeake listed assets of $16.2 billion and liabilities of $11.8 billion in its petition with the U.S. Bankruptcy Court in Houston.
Learn more: Wall Street Journal > Pioneer in shale industry files for Chapter 11