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Friday, July 5, 2013

Article Says Chesapeake is Paying for McClendon's Tenure as Asset Sales Continue

From the New York Times:
Chesapeake is offloading another $1 billion of assets. It needs cash because even though it has found more crude in the United States in recent years than any rival, including Exxon Mobil, it spent too much to do so. The company’s founder, Aubrey McClendon, may be gone, but his painful legacy lingers.
The low price of natural gas has taken a big toll on Chesapeake. The fuel accounts for about 75 percent of production. Its response, like that of competitors in the space, was a desperate search for more lucrative oil. Even critics would have to concede that in this regard the company succeeded.
Read the whole article here.

Another article takes a look at the $1 billion asset sale as well.  Read it by clicking here. 

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