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 […]
natural gas
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This week at the ’Peake
Credit: Brad Gregg First, the taxes. According to a report in Bloomberg News, Chesapeake has paid very little of the taxes owed on $5.5 billion it’s made since its founding. The reason rests with a law — written back when people were still mostly getting around on horse and buggy — that allows oil and […]
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As the well turns
Credit: Brad Gregg Meanwhile, the latest kick to the well head for Chesapeake came in a Reuters story yesterday showing that Chesapeake possibly worked with a competitor to suppress land prices on its oil and gas plays. According to emails obtained by Reuters, Chesapeake CEO Aubrey McClendon had explicit knowledge of his company working with […]
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Under pressure
Aubrey McClendon Mark Hancock A steady drip — perhaps more of a constant flow — of negative news stories has rocked the Oklahoma City-based company, starting with revelations published by Reuters on April 18 that McClendon took out $1.1 billion in personal loans over three years. The loans, which were through McClendon-controlled companies, were used […]
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You can’t spell McClendon without ‘lend’
Chesapeake Energy CEO Aubrey McClendon has had a few of those in recent months.On April 18, Reuters reported that over the course of three years, McClendon had taken out around $1.1 billion in personal loans from companies he controlled. Those loans were used to secure a CEO perk in which he must pay for 2.5 […]
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Frack, yeah!
Otherwise known as fracking, the method of natural-gas extraction is hailed by the energy industry (and those the industry has helped elevate to regulatory government positions) while simultaneously drawing fire from critics in the media, Hollywood and environmental groups. Thus far this year, the Environmental Protection Agency pushed back hard on criticism of its report […]