Monday, April 22, 2013

Aubrey McClendon Gets a Couple of Perks as He Departs Chesapeake Energy

From Bloomberg:
Chesapeake Energy Corp. (CHK) former Chief Executive Officer Aubrey McClendon will be paid $11.1 million in cash after leaving the company he founded 24 years ago. McClendon is already seeking assets as he builds a new oil and natural gas company.
The terms of McClendon’s separation agreement also will entitle him to a 28.125 percent interest in a Citation X aircraft through the end of 2016, the Oklahoma City-based company said in a filing with the U.S. Securities and Exchange Commission today.
McClendon, 53, stepped down on March 29 after a shareholder revolt led by Carl Icahn and Southeastern Asset Management Inc. In an April 16 e-mail to industry contacts, McClendon announced he has formed American Energy Partners LP, an Oklahoma City- based enterprise that he wants to build into a “substantial” exploration and production company.
“I will be looking for deals with a lot of drilling left on them and will also consider undeveloped acreage,” McClendon wrote in the e-mail, first reported yesterday by The Oklahoman newspaper. “I am not scared of natural gas.”
Read more about McClendon's ongoing adventures here.

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