Chesapeake On Verge Of Emerging From Chapter 11 Bankruptcy Later This Month -- February 3, 2021

From SeekingAlpha:

• Chesapeake Energy says it is poised to emerge from Chapter 11 bankruptcy this month as a high-volume, low-cost natural gas producer with little drilling planned on its shale oil leases this year.
• The company says it will sell $1B in notes as part of its court-approved reorganization plan to exit bankruptcy under control of its senior lenders, including Franklin Resources.
• Under the plan, which a judge in Texas approved last month, the company will cut $7B in debt.
• Chesapeake also has renegotiated midstream contracts across all of its basins to reduce minimum volume commitments and firm transportation obligations.
• The company says it plans to keep three rigs running in Pennsylvania's Marcellus Shale, 2-3 rigs drilling in the Haynesville Shale of Texas and Louisiana, and one rig drilling in Texas' Eagle Ford Shale 50% of the time.
• Chesapeake's 2021 rig plan contrasts sharply with the 18 rigs the company operated in 2019 before filing for bankruptcy protection last June. 

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Sophia Baking Banana Bread During Class Breaks

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Sophia and friend Cheri enjoying banana bread on the way to Tutor Time.