Struggling Chesapeake Energy halts dividend [MarketWatch]
Chesapeake Energy Corporation (CHK)
Last chesapeake energy corporation earnings: 2/26 07:00 am
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Source: MarketWatch
Chesapeake Energy Corp. said late Friday it has halted dividend payments on each series of its outstanding convertible preferred stock, effective immediately. "Suspension of the dividend does not constitute an event of default under any of the company's debt instruments," the natural-gas producer said. Chesapeake shares have fallen 58% this week; the company has gone through a 1-for-200 reverse stock split to, among other goals, comply with stock-exchange listing requirements. Cheapeake has been under pressure in recent years, struggling under a heavy debt load made direr by falling natural-gas and crude prices, and more recently as the coronavirus pandemic snuffed out demand.
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