In February Chesapeake Energy finally emerged from Chapter 11 bankruptcy shedding $7.8 billion worth of debt (see Chesapeake Emerges from Ch. 11 Bankruptcy, Stock Restarts Trading). Also in February, the company announced it would end its ill-advised dalliance with trying to convert the company from exploring for natural gas to oil, refocusing back on natgas (see Chesapeake Refocuses on NatGas, Offers $1B in Post-Bankruptcy IOUs). Chesapeake is one of the biggest drillers in the Marcellus of northeast Pennsylvania, so any major changes it makes to the way it drills and completes wells is big news for us.
