Chesapeake Energy files for bankruptcy protection in the US

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Chesapeake Energy entered so-called


Fracking pioneer Chesapeake Energy files for bankruptcy protection in the US

Chesapeake Energy entered so-called ‘chapter 11’ with a crippling £7.3bn debt pile

Fracking pioneer Chesapeake Energy has filed for bankruptcy protection in the United States.

The company, which led the shale gas drilling boom that helped turn the US into a global energy powerhouse, entered so-called ‘chapter 11’ with a crippling £7.3billion debt pile.

Chesapeake was co-founded by Aubrey McClendon, an early and high profile advocate of shale drilling who died in 2016 in a fiery one-car crash in Oklahoma while facing a federal probe into bid rigging. 

McClendon built Chesapeake from a small wildcatter to a top US producer of natural gas.

Boss Doug Lawler inherited a company saddled with more than £10billion in debt in 2013, and this year’s oil price rout left the firm unable to refinance that debt.

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