May 2016, Vol. 243, No. 5

From the Burner Tip

Burner Tips: The Steps Before the Negotiation Room

What Energy Executives Should Be Asking Themselves Today In the first half of 2015, Chesapeake trailed only ExxonMobil as the top producer of natural gas. At the time, natural gas was down over half from the $6.15/MMBtu peak seen in the previous year, sliding daily. Highly hedged, $10 billion in debt, and looking at 14 bonds due beginning in 2017, Chesapeake leadership decided to hold steady as an independent entity. A year later, in February 2016, rumors started to spread that it had hired restructuring attorneys, dropping the natural gas giant’s already slumping stock over 50% in a single day. Leadership saw the writing on the wall – months, if not years, too late. To avoid the sa

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