“The new board of directors and I look forward to working with Doug and the entire Chesapeake team to build an enduring enterprise which creates sustainable value for our stakeholders by efficiently producing low-cost energy under the strictest environmental, social, and governance standards,” said Wichterich.Īs of Feb. Biographies for the new board members can be found on the company’s website at. The board is establishing the company’s first Environmental and Social Governance Committee dedicated to ESG oversight and excellence.

In accordance with the plan, a new board of directors was appointed and includes chairman Michael Wichterich, Timothy S. The company has also laid off 220 employees, or about 15 percent of its workforce, most from its Oklahoma City location. The company’s new common shares will be listed on the NASDAQ Exchange under the ticker symbol “CHK” and are expected to commence trading on Feb. Under the court-approved plan, approximately $7.8 billion of debt has been equitized, and the company’s preferred and common equity interests have been canceled as of Feb. Additionally, our unwavering resolve to leading a responsible energy future has never been greater, and our pledge to achieve net zero GHG direct emissions by 2035, eliminate routine flaring on new completions immediately, and significantly reduce our methane and GHG emission intensity by 2025, place Chesapeake on a path toward setting a new standard of environmental excellence in our industry.”

“We have fundamentally reset our business, and with an improved capital and cost structure, disciplined approach to capital reinvestment, diverse asset base and talented employees, we are poised to deliver sustainable free cash flow for years to come. “Today marks a new day for Chesapeake,” Lawler said in a Feb.

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