by Bloomberg
|Friday, April 30, 2021
Chesapeake Energy Corp is seeking to sell oil-producing assets in South Texas for as much as $2 billion, according people familiar with the plan.
(Bloomberg) Chesapeake Energy Corp., the once mighty shale explorer that exited bankruptcy earlier this year, is seeking to sell oil-producing assets in South Texas for as much as $2 billion, according people familiar with the plan.
The Oklahoma City-based producer is working with a pair of advisers to offer the assets in the Eagle Ford shale, said the people, asking not to be named because the discussions are private.
Once known for its aggressive growth through acquisitions during the shale boom, Chesapeake joined other producers in filing for bankruptcy protection last year after the pandemic devastated demand for energy. When the company exited restructuring in February, CEO Doug Lawler declared it was “a new era for shale.”
CEO Doug Lawler s departure is effective April 30.
(Bloomberg) Chesapeake Energy Corp. Chief Executive Officer Doug Lawler is exiting less than three months after the oil and gas company, a one-time icon of the U.S. shale boom, emerged from bankruptcy.
Lawler’s departure is effective April 30 and Chesapeake’s board is searching for a replacement, the Oklahoma City-based company said Tuesday in a statement. Chairman Mike Wichterich will serve as interim CEO.
Lawler led the company for almost eight years, a tumultuous time for Chesapeake as it grappled with, and was eventually overwhelmed by, huge debts racked up during an earlier period of soaring energy prices. Chesapeake, which found fame a decade earlier under the leadership of Aubrey McClendon, emerged from Chapter 11 bankruptcy protection in February as a much smaller company.
Chesapeake Emerges From Bankruptcy Vowing New Era for Shale
Bloomberg 2/10/2021 Sergio Chapa
(Bloomberg) Chesapeake Energy Corp., the once-iconic energy explorer that helped ignite the American shale-gas boom, is emerging from bankruptcy protection a shadow of its former self. And in a way, that’s just fine with its boss.
“Shale has been marked by growth, and growth for all the wrong reasons,” Doug Lawler, the company’s chief executive officer, said in an interview. “What we see going forward is a new era for shale.”
The driller exited Chapter 11 protection on Tuesday. Long gone is co-founder and ex-CEO Aubrey McClendon, who died in 2016, three years after he was forced out in a Carl Icahn-led boardroom revolt. Also consigned to history is Chesapeake’s spot in the pantheon of premier U.S. energy producers like Exxon Mobil Corp. and Chevron Corp. The company lost most of its acquisitive swagger as it grappled with the fallout of ill-timed deals