Epitome of America’s Shale Gas Boom Now Warns It May Go Bust
- Chesapeake issues ‘going concern’ notice in regulatory filing
- Shares fall as much as 17%, most in more than three years
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Chesapeake Energy Corp. -- once the epitome of America’s shale-gas fortunes -- is warning it may not be able to outlast low fuel prices.
Reflecting growing pain across the energy sector, the Oklahoma-based company’s shares and bonds tumbled Tuesday after it said it may not be viable as a “going concern” if low oil and natural gas prices persist. The warning came just over an hour after the company posted a wider-than-expected loss for the third quarter.