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Wednesday, January 30, 2013

Aubrey McClendon Retirement Reaction: CHK Stock Climbs, Fracktivists Shrug, Reuters Gloats

As the news that Aubrey McClendon will no longer be Chesapeake's CEO sinks in, several articles can help to give an idea of how different corners are reacting to the news.

First, from Financial Times comes a report that Chesapeake's shares jumped 10 percent in after-hours trading to $20.87.

From anti-drilling activist Dory Hippauf of shaleshockmedia.org:
Don’t count McClendon down and out.  It won’t be long before he turns up on some other board of directors or similar.   This is how the game of musical chairs is played in the corporate world.
The Board of Directors has also delayed the release of their internal investigation into McClendon’s loans and related activities.   Originally, the report was scheduled to be release at the end of December 2012, it was then pushed to the end of January 2013.   Now they are saying by end of February 2013.
My guess is the report currently blames everything on McClendon, and this led to him being given the option to “retire”.    The delay to end of February in conjunction with the McClendon’s “retirement” leads me to believe the report is going under a major rewrite to fuzzy-up the details.
What does it mean for Chesapeake’s natural gas drilling activities going forward?  Nothing.  Business as usual.   There have been rumors of Chesapeake being bought out by larger corporations, but for the people living the drill, it still will be business as usual.
Read that whole post by clicking here.

And lastly, from Reuters - who seemingly was on a crusade to dig up as much possible mud to fling at McClendon and Chesapeake as possible over the past year or so - comes this:
Chesapeake Energy Corp said on Tuesday that Aubrey McClendon will step down as chief executive after a tumultuous year in which a series of Reuters investigations triggered civil and criminal probes of the second-largest U.S. natural gas producer. 
News of the executive's plan to depart on April 1 boosted the company's shares by 9 percent. The stock has made a partial recovery since losing almost half its value last spring after a Reuters report opened the company and its co-founder up to intense scrutiny.
Notice the double pat on the back in the two introductory paragraphs of the article.  Reuters is feeling pretty good about this, I guess.  You can read the rest of their article here.

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1 comment:

  1. I was expecting this reaction. It's the matter of CEO and pressure groups have all the right to do the same. This may affect employee retirement options.

    ReplyDelete

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