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chesapeake energy

Electric light illuminates the derrick tower of an oil drilling platform at a site operated by Tatneft OAO near Almetyevsk, Russia, on Friday, July 31, 2015. Eleven months of surviving with oil below $100 have left Russia hardened enough to endure a monthlong drop to $40 a barrel, a survey of economists showed. Photographer: Andrey Rudakov/Bloomberg

Distress in the oil patch is spurring a new type of joint venture

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Joint ventures between oil and gas explorers in the U.S. and their foreign counterparts helped fuel the shale boom. They’re coming back in a new iteration for the bust.
An employee works on oil pumping gear, also known as nodding donkeys or pump jacks, at an oil plant operated by MND AS in Uhrice, Czech Republic, on Monday, March 23, 2015. Oil rose as the dollar weakened for a third day, making commodities priced in the U.S. currency more attractive to investors. Photographer: Martin Divisek/Bloomberg

Billions of barrels of oil vanish in a puff of accounting smoke

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Across the American shale patch, companies are being forced to square their reported oil reserves with hard economic reality.
Pennsylvania Attorney General Kathleen Kane speak during a news conference Tuesday, Dec. 1, 2015, at the National Constitution Center in Philadelphia. Kane announced a new effort to investigate pornography and other lewd emails exchanged among prosecutors, judges and others inside government. Kane's law license is currently suspended while she awaits trial on charges she leaked secret grand jury material to a newspaper and lied about it. (AP Photo/Matt Rourke)

Pennsylvania sues gas driller over ‘deceptive’ leases

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The lawsuit alleges that Oklahoma City-based Chesapeake Energy Corp. tricked landowners into signing one-sided leases in the early years of the Marcellus Shale drilling boom and then improperly deducted certain post-production expenses from landowner royalties.
(Photographer: Eddie Seal, Bloomberg)

California Resources leads producer plunge as OPEC pumps on

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CRC, which was targeted as “worthless” by hedge fund BlueMountain Capital Management LLC in June, fell 16 percent in New York trading, the steepest intraday slide since Aug. 24.
Earthquake2-DaveSchumaker-flickr

Is SandRidge Energy close to crumbling?

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Regulators’ efforts to reduce earthquake risk in the most seismically active area of the state could put the company at risk, because its operations are so narrowly focused in one area.
Nomac Drilling Corp. derrick man Justin Spruell, right, climbs down from an overhead platform after connecting a section of drill pipe on a Chesapeake Energy Corp. natural gas drill site in Bradford County, Pennsylvania, U.S., on Tuesday, April 6, 2010.  (Daniel Acker/Bloomberg)

Chesapeake reports third quarter loss on $5.4 billion charge

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The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
An oil worker walks by an oil pump during a sandstorm in the desert oil fields of Sakhir, Bahrain


FILE - In this Thursday, Jan. 8, 2015 file photo, an oil worker walks by an oil pump during a sandstorm that blew in, in the desert oil fields of Sakhir, Bahrain. Across a Mideast fueled by oil production, low global prices have some countries running on empty and scrambling to cover shortfalls, even as more regional crude is on tap to enter the market.(AP Photo/Hasan Jamali, File)

Billions in impairments, spending cuts expected in oil earnings

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A $32 billion operating cash shortfall and persistent low oil prices will probably force big shale drillers to announce billions in oil field impairments and spending cuts in third-quarter earnings reports this week.
A spinoff of National Oilwell Varco announced plans to buy a company that supplies the energy industry with pipes, valves and fittings.

Southwestern Energy wells see surge in gas production as costs fall

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Southwestern Energy Co. says it is figuring out ways to drill better-performing wells on West Virginia and Pennsylvania land it bought from larger operators last year, even as energy prices remain cheap.
Chesapeake CEO Doug Lawler speaks at the IHS CERAWeek energy conference in Houston on March 4, 2014. (Mayra Beltran/Houston Chronicle)

Chesapeake Energy renegotiates $4 billion line of credit, sparking bondholder selloff

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Earlier this week, the company eliminated 740 jobs and let go of about one in six of its employees, as part of Chief Executive Officer Doug Lawler’s plan to combat the weak energy market by reducing headcount, selling assets, spinning off business lines and halting a 14-year run of dividend payouts to stock investors.
(Daniel Acker/Bloomberg)

An Oklahoma of oil at risk amid shaky finances for U.S. shale drillers

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As much as 400,000 barrels a day of oil production is at risk as U.S. shale companies like Samson Resources Co. run out of money and are forced to slow drilling.