Chesapeake and Other Energy Cos Going up in Flames

by Jason Simpkins
Outsider Club

Before driving his SUV into an overpass at 80 mph, former Chesapeake Energy CEO Aubrey McClendon drove his company into the ground.

Chesapeake lost about $40 million a day in 2015 and is still in the red today.

Worse, it leveraged itself mightilty to acquire and drill monster shale gas deposits throughout the country, and now has a debt load that’s twice the size of the company itself.

Earlier this month, Chesapeake pledged pretty much everything it owns – oil and gas fields, office buildings and derivatives contracts – to preserve its access to a $4 billion credit line.

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