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Investment analyst speaks about Chesapeake bankruptcy rumors

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OKLAHOMA CITY - It has been a roller coaster ride for many Oklahoma energy companies.

The dropping prices at the gas pump may have helped your family's budget, but they are causing trouble for Oklahoma's energy companies.

Stock analysis company Wolfe Research predicts that one-third of oil and natural gas producers will go bankrupt this year.

On Tuesday, the price of oil dropped to $28 per barrel. It has been dropping steadily since it hit a high of $107 per barrel back in June of 2014.

"You can't find one analyst that saw what we've seen from June 2014 to today. And anytime we've had crashes or booms as well, no one foresees them, so whatever would get us to $100 a barrel, we don't know what it is," said Phil Weiss, chief investment analyst for Baltimore-Washington Financial Advisors.

For years, Weiss' job was tracking Chesapeake Energy.

Chesapeake Energy denies a report from Debtwire that it is preparing to file bankruptcy. However, Weiss says a bankruptcy filing would not be surprising to him.

"To me, when I covered Chesapeake, I didn't have the most positive view. I had to sell on Chesapeake at the time because I felt they did financial transactions to make them look better," he said. "They've got a lot of debt."

Bankruptcy rumors dropped Chesapeake stock 50 percent before it recovered. On Tuesday, the stock ended the day down just over 4 percent, at $1.95 a share.