Chesapeake Energy's (NYSE: CHK) stock has tumbled in recent weeks after the company warned that it might not be able to continue as a going concern. That's because persistently weak oil and gas prices are making it hard for the company to support its $9.7 billion debt load. If it can't keep up, then it might need to declare bankruptcy.
However, the energy company is working on a solution that could enable it to pay off a meaningful chunk of that debt. According to a report by Reuters, it's in advanced talks to sell its assets in the Haynesville shale to Comstock Resources (NYSE: CRK), which boasts Dallas Cowboys owner Jerry Jones as a major investor. It's his deep pockets that could be the key to making this deal a reality.
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Source: Motley Fool
(November 13, 2019 - 1:04 PM EST)
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