Not only traditional LNG exporters, such as Qatar, or East Med producers like Egypt or Algeria, are being hit by the current glut. US shale gas exporters are now facing a major crisis too. Dreams about entering global strong markets with high price settings however have been destroyed, as due to an already existing gas glut, prices have been low already. US gas exports are now only contributing to the glut, pushing prices even further down. Booming U.S. exports combined with lower Asian demand is a major recipe for disaster, effecting most IOCs, but especially Shell, Total and ENI, as all have been concentrating their own investment and expansion strategies in natural gas. Some US producers, such as Chesapeake Energy are already fighting bankruptcy, and IOCs have been hit by a slump in profits.