The word often conjures images of coif-haired, heavy bottom-lipped gangsters strong-arming balding bespectacled men.
Chesapeake Energy
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Tom nixed
Credit: Brad Gregg Wonder if his board liked the way they looked firing him? Closer to home, SandRidge’s board deemed Ward expendable just months after Aubrey McClendon, with whom Ward had founded Chesapeake Energy, was pushed out by his board. Shareholders these days seem to be more volatile than Glee fans. But don’t cry too […]
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Trashed
Credit: Brad Gregg Monthly active users of Facebook numbered 1.1 billion in May. In only its seventh year of existence, Twitter boasts 640 million accounts and more than 400 million tweets per day. No doubt people are talking. What they have to say and the conversation they create are of supreme importance to businesses. What […]
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Life’s a beach house
Credit: Brad Gregg For Oklahoma City billionaire Aubrey McClendon, that might mean selling the beach house he’s never lived in. His $10 million home on Lake Michigan hit the market recently. The 7,000-square-foot behemoth of a getaway place in the Singapore Dunes of Michigan comes complete with a 1,300-square-foot separate guest house. The former Chesapeake […]
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What’s a billion, anyway?
Credit: Brad Gregg The mag noted McClendon had leveraged against his personally held oil and gas interests and has “mounds of debt.” But don’t get out your tiny violin just yet. McClendon will leave Chesapeake April 1 with a severance package worth about $47 million. Although he’s no longer a billionaire (wiping tears away), he […]
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Tom Tom, clubbed
Credit: Brad Gregg Apparently, that was just a warm-up act. Now, the news agency is examining SandRidge Energy and its CEO, Tom Ward. In a recent story, Reuters showed how some practices at SandRidge didn’t differ much from those at Chesapeake, which Ward had co-founded with McClendon. Reuters reported that Ward received $75 million in […]
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Hot or not
The Wall Street Journal reported recently that McClendon will likely remain in place as CEO after an internal investigation of his financial dealings is completed later this month. McClendon, you might remember, survived a shareholder revolt after revelations that he used his stake in oil and gas wells as collateral for more than $800 million […]
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Fight club
James Head Nate Gomez When not out in the oil fields, he is a contracted fighter for the Ultimate Fighting Championship, better known as the UFC. “It’s busy. I really like it, it’s a mental challenge,” Head said of his work as an engineer. “Just like martial arts, there is so much to learn. It’s […]
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Tit for tat
Credit: Brad Gregg On July 11, Businessweek reported that Chesapeake was ordered to pay $100 million to three leaseholders who claimed the Oklahoma City-based company reneged on an agreement to purchase mineral rights. Filed in 2008, the lawsuit brought by three Texas energy companies alleged Chesapeake failed to complete the purchase of three gas leases […]
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It’s a gusher!
Brad Gregg Revelations continue to percolate from Reuters, the news agency that spurred the headaches for McClendon last month when it reported on his $1.1 billion in personal loans to pay for a CEO perk. More recently, Reuters showed that McClendon had Chesapeake’s permission to trade in commodities, even though a 2009 contract indicated he […]