Why did Chesapeake Energy go Bankrupt?
Chesapeake Energy declared bankruptcy on June 28, 2020. The Oklahoma company pioneered the practice of fracking and was a leading producer of natural gas for years. After being co-founded by Aubrey McClendon with just $50,000 in 1989, Chesapeake used fracking to access previously untapped reserves of natural gas and oil. But the new technology was expensive, and Chesapeake incurred high capital expenditures to explore and develop thousands of properties across the [...]