关键词: 切萨皮克公司, 破产重组, 页岩油气

Abstract: Against the background of the world’s low oil and gas demand and prices, Chesapeake Energy Corporation, the second largest natural gas producer in the United States, applied for bankruptcy and restructuring on June 28, 2020. The bankruptcy exposed a series of problems existing in US shale oil producers, such as high cost, high liability, shortage of cash flow, declining technological dividends, and limitation of financing-producing business model. This paper elaborates on the current conditions of Chesapeake Energy Corporation’s production business, studies its development process and analyzes its bankruptcy and restructuring reasons. It also points out that the Chinese oil and gas enterprises can draw lessons from Chesapeake in three areas. First of all, the upstream enterprise should not operate under the condition of high liability because the oil and gas assets are highly influenced by price fluctuations. Secondly, it is necessary to guard against ambitious purchase of low-quality oil and gas assets under high oil prices and make asset portfolios reasonable under low oil prices to keep an adequate cash flow. Thirdly, cost-effectiveness holds the key to the high-cost shale oil and gas development and production.