Chesapeake Energy's Next Move After It Emerges From 'Financial Restructuring'


Thursday, February 11th 2021, 5:39 pm
By: Karl Torp


OKLAHOMA CITY -

The one of the companies that has defined Oklahoma oil and gas exploration for decades is moving forward out of bankruptcy.

Chesapeake Energy said it's committed to staying in Oklahoma City, but it's looking for offers in selling much of its northwest Oklahoma City campus.

The Chesapeake campus has 26 buildings, is 1.8 million per square feet of spaces, four restaurants, a track and field, fitness center with pool and 30 acres of developable land.

“One of the reasons Cushman and Wakefield was brought in was because it has a capital markets team that works on headquarter type facility," said Cushman and Wakefield’s Travis Mason.

In 60 days, Mason thinks Oklahomans will have a better idea of who may move in and what could be developed alongside the energy company.

“Chesapeake has no interest in leaving,” Mason said.

The company got rid of a nearly $8 million in debt in six months of bankruptcy. The company now has $1.3 million in remaining debt.

“That’s truly remarkable,” said Steve Agee, an energy expert and dean of the Meinders School of Business at Oklahoma City University.

Agree said when the economy improves, as he expects, Chesapeake Energy will be back in a strong position.

“They still have a lot of good assets,” said Agee.

As a fully integrated company, Chesapeake once employed about 13,000 people.

It's now a company of about 1,300, with 800 at its Oklahoma City campus.

The company told News 9 it’s fully focused on exploration and production.