FacebookTwitterLinkedInEmailPrint分享CNN:Chesapeake Energy helped pioneer America’s shale natural gas revolution. Now, the company is warning that it may not survive the era of cheap gas it helped to usher in.The Oklahoma-based energy company said Tuesday in a filing to the Securities and Exchange Commission that if “depressed prices persist,” there is “substantial doubt” about its ability to continue as a “going concern.”Chesapeake Energy (CHK) has fallen. The company’s early bets on fracking made it a natural gas powerhouse, and at one point it was the nation’s No. 2 natural gas producer. Aubrey McClendon, Chesapeake’s late founder and CEO, was considered one of the leaders of the shale boom.But the company now is drowning in $10 billion of debt. And it’s struggling to pay it all back, because America is swimming in excess natural gas, keeping prices very weak. Chesapeake’s average realized natural gas price dropped nearly 12% during the third quarter.Chesapeake’s share price plunged 15% on Tuesday to $1.34 following the warning and a weak earnings report. The stock has lost 98% of its value since closing at a record high of $65.63 in July 2008.The financial problems have been amplified by a bid to diversify away from natural gas by betting big on oil. The company’s October 2018 deal for shale oil driller WildHourse Resource Company, valued at $4 billion, including debt, came when U.S. oil prices were trading at nearly $70 a barrel. Weeks later, crude plunged below $45 a barrel. Oil prices have yet to fully recover.Chesapeake’s balance sheet is carrying $9.7 billion of debt, compared with $8.2 billion at the end of 2018 — nearly five times more than Chesapeake’s entire market value.Citing weak prices, Chesapeake on Tuesday announced plans to slash its drilling and completion activity by 30% in 2020. And the company plans to cut production and general expenses by about 20% in a bid to achieve free cash flow. Executives also said they will consider selling assets to raise cash.More: Fracking pioneer Chesapeake Energy is drowning in debt Fracking leader Chesapeake Energy struggles under soaring debt and plummeting prices
Newsroom GuidelinesNews TipsContact UsReport an Error The Dodgers and KTLA are working on an arrangement with SportsNet L.A. to simulcast some of the team’s final games of this season as Vin Scully concludes his 67th and final season as the team’s broadcaster, sources said Thursday.Attempts to reach executives from the Dodgers, KTLA and Charter Spectrum were not successful.The Dodgers have not been able to penetrate much of the Southern California TV market, outside of subscribers for Time Warner Cable and Charter, which merged earlier this year, since the TWC launch of the team-owned channel in February, 2014.The Dodgers signed a reported 25-year deal valued at $8.3 billion in 2013 with the company, leaving a longtime partnership with Fox Sports West/Prime Ticket. During the Dodgers’ previous TV relationships, games were sold off to over-the-air partners such as KCAL (2005-2013), KCOP (2002-2005) and KTLA (1997-2005). The Dodgers started on then-Fox Sports 2 in 1997.Because of limited distribution, the Dodgers agreed to simulcast the last six games of the 2014 season on KDOC, an independent station in Orange County. The team did not allow for any over-the-air games in 2015 in Southern California.Outside of SportsNet LA, Dodgers fans could only see a regular-season game if it was taken by ESPN, Fox Sports or, last weekend, cleared in the market by TBS.The Dodgers end the home season with three games against San Francisco and four more against Colorado from Sept. 19-25. The last three home games are scheduled Vin Scully promotional celebration dates. The team then goes on the road for three in San Diego on Sept. 27-29 and the final three in San Francisco on Sept. 30, Oct. 1 and Oct. 2. Scully has said he will cover the final three games against the Giants.