Now, GM is in a much better position than it was during the Great Recession.Īnd in that sense, many speculators may be thinking about a contrarian position in CHK stock. Most notably, General Motors (NYSE: GM) went under and had to be rescued by a government bailout. To be fair, declaring bankruptcy alone isn’t an automatic death sentence. ![]() Now, both Chesapeake and our nation are at a critical crossroads. But those cries fell on deaf ears as far as CHK stock was concerned. McClendon proclaimed his innocence to his untimely death. But he also found himself in trouble with the law, particularly with a grand jury charging him with conspiracy to suppress prices for oil and gas leases. Typical of McClendon, he attempted to find ways to sell that excess, including a failed effort to mainstream compressed natural gas vehicles. Quickly, the industry found itself awash with the commodity, dramatically reducing its price. With a new way to materialize natural gas, energy firms did exactly that: produce the heck out of it. ![]() Ironically, the success that Chesapeake engineered, that of extracting gas from shale rock, facilitated its failure. At the same time, that was also the beginning of the end for CHK stock. ![]() ![]() becoming a gas exporter, a major geopolitical achievement and disruption. Indeed, McClendon’s bigger-than-life persona - not unlike that of President Trump - helped Chesapeake launch the shale gas revolution.Īs the Times states, Chesapeake contributed to the U.S. Co-founder and former chief executive Aubrey McClendon represented a dying American breed, what the New York Times described as a “swashbuckling” personality that took huge risks and saw much early success. In a way, the implosion of Chesapeake is symbolic.
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