U.S. Chesapeake Energy declares bankruptcy

The chesapeake energy company entered the bankruptcy proceedings on account of their debts. The company is considered a pioneer in the extraction of oil and shale gas and has been on the market for more than 30 years.

However, the company has announced that it will maintain its pace of production for now, despite the bankruptcy announcement. Currently, the company's debts amount to $9 billion, according to the Associated Press. In the first quarter of this year alone, Chesapeake Energy lost 8.3% billion dollars and listed $8.62 billion in net debt.

It is worth remembering that more than 200 oil producers asked bankruptcy protection in the last five years, a trend that should be maintain in the future, given the covid-19 pandemic that further reduced demand for energy – and, consequently, prices.

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