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.

摘要： 在全球油气需求和价格低迷的背景下，全美第二大天然气生产商切萨皮克能源公司于2020年6月28日申请破产重组，暴露出美国页岩油企业高成本、高负债、现金流短缺、技术红利衰减等问题，以及融资—生产运营模式的局限性。阐述切萨皮克能源公司生产经营状况，梳理发展历程，剖析破产重组原因，提出对我国油气企业发展的3点启示：一是油气资产受价格波动影响剧烈，上游企业不宜高负债经营；二是高油价下防范冒进式购入高成本不良油气资产，低油价下合理配置资产组合，保持充足现金流；三是页岩油气开发与生产成本高，坚持低成本效益发展是根本。

关键词: 切萨皮克公司, 破产重组, 页岩油气