Chesapeake Energy Corp. operates oil and gas fields as well as pipelines and transportation infrastructure with assets in Louisiana, Pennsylvania, Texas, and Wyoming. Operations are divided between the Exploration & Production and Marketing, Gathering, & Compression business units. Compass Manufacturing and Chesapeake Granite Wash Trust is an affiliate. Ordinary shares are listed on the NYSE (CHK) exchange. The company takes its name from the Chesapeake Bay, one of the favorite places of founder Aubrey McClendon.
Chesapeake was founded in 1989 by McClendon and Tom Ward and completed a public offering in 1993. South Texas assets were acquired from Legend Natural Gas in 2004. Tom Ward left in 2006 to establish SandRidge Energy. WildHorse Resource Development was founded in 2007 and completed a public offering in 2016. McClendon was removed as CEO in 2012, replaced by Doug Lawler, and died in a car crash in 2016. In 2019, Chesapeake acquired WildHorse from NGP Energy Capital. The company filed for Chapter 11 bankruptcy protection in June 2020 and emerged in February 2021. In April 2021, Doug Lawler left the company. Chesapeake entered into an agreement to acquire Vine Energy in an all-stock transaction in August 2021 with closing expected in the fourth quarter.