On the day that Reuters reported Chesapeake Energy was close to pulling the trigger on a bankruptcy court filing, oil prices in the U.S. rose $3 a barrel while the company’s shares dropped $2.
West Texas Intermediate was up 24% from earlier in the week and added $3.01 a barrel to reach $15.35. International Brent crude added $2.23 to reach $22.69 a barrel, an 11% jump.
Natural gas dropped 7 cents to $1.88 per MMbtu.
Chesapeake Energy shares dropped $2, a 7% decline as the company finished the day’s trading at $26.85.
SandRidge Energy gained 23 cents to reach $2.34, a nearly 11% increase.
ConocoPhillips gained $3.73 to reach $42.21 a share which was a 10% increase. EOG Resources, the Texas company which reported a large multi-well site in Oklahoma this week added $2.74 to reach $47.72 per share, a 6% increase.
Devon Energy finished the day at $12.63, up nearly 15% or $1.66 a share.
Marathon Oil was up 86 cents for $5.85 a share while ONEOK added 39 cents to hit $30.92 a share.
Phillips 66 gained $6.16 and finished the day 9% higher at $73.50 a share.
American Electric Power dropped $1.50 and ended Wednesday’s trading at $83.13 a share.