Chesapeake Energy Was Once the Second Biggest Natural Gas Company in the Nation. Now It's Nearly Bankrupt.
Chesapeake Energy (NYSE: CHK) is nearing the end of an era. The oil and gas producer is reportedly just days away from declaring bankruptcy. The culprit is the crushing weight of roughly $9 billion in debt, which the company used to build an energy empire. At its peak, the company was America's second largest natural gas producer, behind ExxonMobil (NYSE: XOM).
However, Chesapeake Energy is now a shell of its former self. While it's still a top-10 gas producer -- it ranked as the sixth largest in the U.S. at the end of 2019 -- the company's stock has lost nearly all its value because of persistent losses. That's left the company in a steady state of decline for the past several years.
Here's a look back at Chesapeake's rise up the leader board and subsequent fall from grace.
Source Fool.com
