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Chesapeake CEO Lawler to step down months after bankruptcy exit

Chesapeake CEO Lawler to step down months after bankruptcy exit Source: Forbes Once the second-largest U.S. natural gas producer, Chesapeake filed for court protection last June, reeling from overspending on assets and a sudden decline in demand and oil prices spurred by the COVID-19 pandemic. It emerged from bankruptcy in February, through a plan that saw it shedding about $7.7 billion in debt. Lawler took the reins at Chesapeake in 2013 after the company’s wildcatter founder Aubrey McClendon stepped down amid investigations into possible antitrust violations. McClendon died in a car accident in 2016. In an interview with Reuters in February, Lawler had said the company was unable to invest enough in operations to turn a profit while simultaneously paying down $9 billion in debt, and that “led us to make decisions that weren’t always the best”.

Oil gains with demand rebound forerunners outshining virus risks

Oil gains with demand rebound forerunners outshining virus risks
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