Oh, say it ain’t so. Chesapeake Energy Corp., buried deep in a 10-Q SEC filing on page 30 in early November, subtly raised a caution flag of “substantial doubt about our ability to continue as a going concern” if low commodity prices persist. The hint of the once-proud natural gas giant defaulting and potentially being sucked into a swirling vortex of bankruptcy prompted ana­lysts to shout “Sell!” and investors to rapidly jump ship.

The company’s already battered stock price plummeted 57% over the course of a week, settling well below $1 per share for the first time since the last century.

Everybody, it seems, loves to cheer for Chesapeake. It’s a storied tale of a mighty champion that fell on hard times due to un­foreseen forces mixed with self-inflicted largesse, yet with the hope for an epic, over­coming-all-odds comeback leading to a mag­nificent triumph.

Only we await the triumphant ending.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access