As of today, both Chesapeake and Sandridge have lost about 75% of their value on the year and Devon has lost about 55%

Since our economy is still very tied to energy, it's not hard to imagine that we might start feeling this in the very near future. Worst case scenarios aside, it appears for example that someone could easily come in and acquire a majority stake in Sandridge for around $850 million and relocate them. Other scenarios include layoffs, planned developments being postponed or taken off the table, etc. etc all the way up to the absolute worst.

As there doesn't appear to be much in the way of economic good news on the horizon, things appear a bit precarious, particularly if the deflation of commodity prices keeps up. Maybe someone on the inside can lend some perspective as to how these companies are looking at it, what sort of hedges might be in place over the next few years, etc. etc.