Chesapeake Energy emerges from bankruptcy Share Updated: 5:51 PM CST Feb 9, 2021 Share Updated: 5:51 PM CST Feb 9, 2021 Hide Transcript Show Transcript BACK TO YOU. EVAN: THANKS VERY MUCH. OKLAHOMA CITY-BASED CHESAPEAKE ENERGY EMERGED FROM BANKRUPTCY THIS AFTERNOON. ITS CEO CALLING IT A FUNDAMENTAL RESET FOR THE COMPAN I SAT DOWN EXCLUSIVELY WITH DOUG LAWLER, THE CEO THIS WEEK, ABOUT HIS OPTIMISM FOR THE COMPANY’S FUTURE BUT QUIET ABOUT WHAT THIS MEANS FOR THE NAMING RIGHTS TO THE CHESAPEAKE ENERGY ARENA. >> THIS WILL BE A HIGHLY PROFITABLE COMPANY. IT WILL BE A PREDICTABLE COMPANY. EVAN: CHESAPEAKE ENERGY CEO DO LAWLER CONFIDENT ABOUT THE FUTURE OF THE OKLAHOMA CITY-BASED ENERGY GIANT. CHESAPEAKE EMERGED FROM BANKRUPTCY TUESDAY AFTERNOON SIGNIFICANTLY LIGHTER IN DEBT BUT ALSO LIGHTER IN ASSETS AND EMPLOYEES THAN WHEN IT FILED FOR CHAPTER 11 LAST SUMMER. >> WE HAVE EXPERIENCED LAYOFFS AT THE COMPANY THAT WERE EXTREMELY PAINFUL. SOMETHING WE HATED TO DO. BUT WE’VE HAD TO ATTACK EVERY PART OF OUR BUSINESS IN ORDER THE EMERGE A MORE STRONGER COMPANY. EVAN: AS PART OF THE REORGANIZATION, LAWLER SAYS CHESAPEAKE WAS ABLE TO UNLOAD THE VAST MAJORITY OF THE COMPANY’S CRIPPLING LONG-TERM DEBT, FROM $21 BILLION WHEN HE TOOK OVER AS CEO IN 2013 TO $9 BILLION WHEN HE FILED FOR CHAPTER 11 IN JUNE TO NOW $1.3 BILLION. >> WE DON’T HAVE TO INVEST EVERYTHING WE MAKE TO SERVICE DEBT ANY LONGE I MEAN THERE WAS A POINT IN TIME WHEN CHESAPEAKE ENERGY HAD MORE DEBT THAN CHEVRON AND EXXON COMBINED. EVAN: CHESAPEAKE PROMISES TO BE PROFITABLE, BUT WILL THAT INCLUDE ROOM IN THE BUDGET TO CONTINUE PAYING FOR THE NAMING RIGHTS TO WHAT IS NOW THE CHESAPEAKE ENERGY ARENA? >> WE ARE WORKING VERY CLOSE WITH THE THUNDER, AND HAVE NOT MADE INTO DEFINITIVE DECISIONS AT THIS TIME. EVAN HE GAVE US NO INDICATION AS OF WHAT THE NAMING RIGHTS DECISION WOULD BE MADE. I’M ALSO TOLD NO FUTURE LAYOFFS ARE PLANNED AT THIS TIME. TONIGHT ON THE NEWS AT 10:00, MUCH MORE OF MY DISCUSSION OF