Chesapeake Energy Corp. said on May 12 no members of its board of directors were interviewing to take over from former CEO Doug Lawler, who resigned last month after leading the company through its Chapter 11 bankruptcy.

Interim-CEO Mike Wichterich said the search for a replacement would take a few months, adding that Lawler had not left because of any action and strategy was unchanged. He said the board wanted a fresh start as it emerged from bankruptcy.

Chesapeake, once the second largest U.S. natural gas producer, exited bankruptcy protection in February. Wichterich said there were no other plans to change management but said the company had to work on lifting morale.

“Staff has every reason to be demoralized after eight hard years” and bankruptcy, he told investors, adding the company was “tired of getting punched in the face by a balance sheet.”

The Oklahoma City-based company reported a profit of $295 million for the quarter. Its shares were up 5.6% in early trading to $51.83.

Chesapeake, which hedged some 19 million barrels of 2021 production at $42.69/bbl, said it anticipated a little under $400 million in full-year hedging losses at current prices.

Onshore