Banks are increasingly requiring U.S. oil and gas companies to maintain minimum levels of liquidity, an unusual step that could help reduce the risk of being exposed to companies struggling to maintain operations and repay debt. One of the energy companies hardest-hit by so-called minimum liquidity covenants is Chesapeake Energy Corp, according to a Reuters review of regulatory filings. Chesapeake must maintain $500 million in cash and other assets that can be easily converted to cash at all times, even as it posts losses and could be faced with nearly $1 billion in collateral calls. The covenants enable banks, themselves facing increased regulatory scrutiny over exposure to highly leveraged energy companies, to limit risk without cutting credit lines, several oil and gas attorneys, executives and analysts said. Lenders involved in such transactions include Wells Fargo & […]