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I had expected in early February that Chesapeake Energy (CHK) would more likely restructure in 2021 than in 2020. Its hedges provided a fair amount of protection for 2020, but it had no hedges for 2021 (other than some sold calls that limited commodity pricing upside a bit). Therefore, the most likely outcome was for Chesapeake to make it through 2020 and then file for bankruptcy in 2021 if oil and gas prices hadn't improved enough.
The oil price crash has put Chesapeake on track to either burn a significant amount of cash