Analyst Looks at What Lies Ahead for Chesapeake Energy This Year

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From Seeking Alpha:
Chesapeake Energy's (NYSE:CHK) stock was a standout during the first trading session of 2016, posting an impressive 10% rally in a challenging market. However, few investors have reasons to celebrate - the share price remains near the lowest point of its 10-year trajectory. Based on today's closing price of $4.97 per share, the stock is trading at less than half of the lowest price registered during the sector's previous mega-correction in 2008 ($10.82 per share). 
Chesapeake's heavy debt burden and high operating costs exacerbated the stock's recent declines. 
By the same token, the stock appears intriguing at the current level as Chesapeake has massive leverage to a cyclical recovery in commodity prices. 
In this context, two relevant questions are: when will a cyclical turnaround arrive and what would it take for Chesapeake to survive through the trough without sustaining further significant damage?
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