Bloomberg Says McClendon is Leaving a "Shrunken, Cash-Starved" Company for the Next Chesapeake CEO

From Bloomberg:
Aubrey McClendon’s agreement to resign effective April 1 culminated a shareholder revolt by Carl Icahn and Southeastern Asset Management Inc.’s O. Mason Hawkins that earlier had cost the CEO the chairmanship he’d held for more than two decades. McClendon also relinquished his annual bonus and saw executive perks curtailed amid federal investigations of a portfolio of personal loans that topped $840 million.
Chesapeake climbed 6 percent to $20.11 at the close in New York, after earlier reaching $21.20 for the biggest intraday gain in almost nine months.
Chesapeake lost as much as 43 percent of its market value in 2012 as scrutiny of McClendon’s financial transactions destroyed investor confidence in management and cratering gas prices drained the company of cash. Unfinished tasks facing the next CEO include raising $8 billion from asset sales this year to plug a funding shortfall, and converting a company that pumps enough gas to supply 20 percent of American household demand into an oil producer.
Bloomberg has been beating a pretty steady anti-McClendon drum, much like Reuters, so the nature of their latest article on him is no real surprise.  Read the rest here.

Connect with us on Facebook and Twitter!

Popular posts from this blog

The Second Largest Oil and Gas Merger - Cabot and Cimarex

Is a Strong Oil Demand Expected This Year?

Pennsylvania Operator To Acquire Three Natural Gas Producers