Chesapeake Energy shares fall after Reuters reports company preparing bankruptcy filing

Reuters exclusively reported that Chesapeake Energy, which was at the forefront of the past decade’s U.S. shale boom, is preparing a potential bankruptcy filing as it grapples with an unprecedented rout in energy prices. Chesapeake was trying to pivot from gas to a greater emphasis on oil production when a Saudi-Russian energy price war earlier this year upended its plans and the wider crude market. It was dealt another blow by the coronavirus outbreak, which caused energy demand to dwindle by shutting large swaths of the global economy.