Back in March, we wondered if the U.S. government wasn’t throwing good money after bad by offering loans, credit, tax breaks, and royalty cuts to beleaguered shale gas companies, many of which were in dire financial straits long before COVID-19 came to town.
Now, three months later, the pioneer of the industry, Chesapeake Energy, has filed for bankruptcy.
In this episode of the Drilled podcast, we talk to energy analyst Clark Williams-Derry and energy accounting expert Greg Rogers about Chesapeake, the non-financial reasons for shale bailouts, who’s actually getting paid here, and how it is that an industry that’s never turned a profit can still snag investors.
Amy Westervelt is the editor-in-chief of Drilled News, creator and host of the Drilled podcast, and founder of the Critical Frequency podcast network, named AdWeek's Podcast Network of the Year in 2019. An award-winning print and audio journalist, Amy has contributed to The Guardian, The Wall Street Journal, and The Washington Post, as well as KQED, The California Report, Capital Public Radio, and many other outlets. She is the 2015 winner of the Rachel Carson award for "women greening journalism," and a 2016 winner of an Edward R. Murrow award for her series on the impacts of the Tesla Gigafactory in Nevada. In 2019, the Drilled podcast won the Online News Association's "Excellence in Audio Storytelling" award.