Chesapeake's McClendon to give up chairman post

May 1, 2012 | Posted by: roboblogger | Full story: WDBO-AM Orlando

In a Sept.8, 2009 file photo, Chesapeake Energy Corp. CEO Aubrey McClendon speaks during the opening of a compressed natural gas filling station in Oklahoma City.

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1 - 5 of 5 Comments Last updated Jun 13, 2012
Dwight Baker

Eagle Pass, TX

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#1
May 2, 2012
 
You think you Can PUSH AROUND Big Oil
Think again!
By Dwight Baker
Dbaker22@stx.rr.com
May 2, 2012
ARTICLE
Chesapeake's McClendon to give up chairman post
http://www.wdbo.com/ap/ap/business/chesapeake...

EXCERPT

McClendon, 52, spent most of his adult life searching for natural gas and oil in the U.S. He co-founded Chesapeake in 1989, turning an initial $50,000 investment into America's second-largest natural gas producer behind Exxon Mobil Corp.

His success brought a flood of prestige and significant wealth. He was America's top-paid CEO in 2008, receiving compensation worth $112.5 million. He established himself as a leading spokesman for the benefits of natural gas. And he became a part owner of the NBA's Oklahoma City Thunder.

I am completely supportive of the board's plans," McClendon said in a statement. The actions will "enable me to focus my full time and attention on execution of the company's strategy."

McClendon puts the principal amount of the loans at $846 million.

The board is reviewing McClendon's loans. The Internal Revenue Service also is looking at the well-investment program.

MY TAKE

McClendon has been a high-risk taker his entire career. He did things that others were not accustomed to doing. He made giant strides in the natural gas drilling completion and production business but through it all he became a real threat to the Old Big Oil Titans that simply do not like or will submit to anyone that rages on and is in fact Real Competition.

So what now, is his kingdom crumbling around him?

I think so.
Bama McCall

Houston, TX

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#2
May 17, 2012
 
Cheasapeake, as I knew it, no longer exists. This is a sea level change in the oil business and the lease bonus boom is over. Mineral owners that held out for more $ missed the boat.
Simon Says

AOL

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#3
Jun 1, 2012
 
My opinion is that chesapeake has a serious management problem. Add to the fact that evidently they have a law firm that perhaps has been giving bad advice. Insider lawfirm perhaps? I say that because they have so many lawsuits against them from just ordinary citizens. They also lost that one in Virginia where they were selling to themselves so as to cheat the land owners. I say either Mclendon is not that honest or he has been had by a inside legal team who was there to destroy him from the beginning by misleading him in certain directions of his dealings with investors and land owners. OH yes, I do believe in conspiracy because I know how crooks with psychopathic minds operate.
Money, money, money is all they care about. If they go belly up it might be a good thing and I can get out of this worthless lease that was all promises by half truths and outright lies. My only sympathy is if Mclendon was taken in by insiders and not by his own greed.
dkpb

Oklahoma City, OK

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#4
Jun 13, 2012
 
yes, your right. He had , like everything else, his own personal , inhouse attorney's that I am sure were riding his shirt-tail with all the rest. They were not going to hold him back in any way as long as they were benefiting also.
Simon Says

AOL

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#5
Jun 13, 2012
 
Perhaps the insider is a plant? Is it possible?
I say yes because there are greedy men and organizations who will do whatever they have to do
to take over and outright steal anothers success.

I am sure McClendon is smart, but is he smart to the world and it's ways? If he is honest and on the up and up, he needs to clean house and get some new blood he can trust before they steal his lifes work.

I think borrowing from Goldman is insane and a big mistake. McClendon better hope that gas prices rise and quick or GS will move in on him bit by bit until they control the company. Just my three cents.

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