NPR discusses a report that Chesapeake Energy plans to file for bankruptcy. Oklahoma-based company led land rush into northeast Pennsylvania at start of fracking boom.
One of Pennsylvania’s largest and most controversial shale gas drillers, Chesapeake Energy, has taken steps toward filing for Chapter 11 bankruptcy, according to a Reuters report.
Under the direction of its high-spending, risk-taking CEO, Aubrey McClendon, the Oklahoma-based company led the land rush into northeast and north central Pennsylvania that helped kick off the fracking boom about a decade ago.
“They would come into a community and lease and lease and lease,” said Bill Holland, who covers natural gas for S&P Global Market Intelligence.