Current Weather
The Spy FM

Chesapeake Energy CEO In Hot Seat Today

Filed by KOSU News in Business.
June 8, 2012

The NBA finals aren’t the only big news in Oklahoma City.

This morning, shareholders of Chesapeake Energy, the natural gas driller at the center of the nation’s hydraulic fracturing controversies, are meeting in Oklahoma City, where the company is headquartered. But the buzz at this gathering won’t be about fracking or basketball. It will be about Aubrey McClendon, Chesapeake’s controversial CEO.

For weeks, revelations have been trickling out about how McClendon’s personal finances became intertwined with Chesapeake’s through a complex web of loans. Thursday, Reuters added new details with a scathing profile titled “The Lavish and Leveraged Life of Aubrey McClendon.” (McClendon also owns a significant stake in the Oklahoma City Thunder basketball team, whose home court is known as Chesapeake Energy Arena.)

Some shareholders are not sure what to be more livid about: the news about McClendon or the fact that low natural gas prices have pushed Chesapeake’s stock down by 20 percent this year. McClendon agreed to relinquish his position as chairman of the board last month. But revolting shareholders, led by billionaire Carl Icahn, called for a bigger shakeup. This week, Chesapeake agreed to replace four more members of its nine-member board, but left many of the details to be worked out later.

NPR’s StateImpact Oklahoma is live-blogging the event, which starts at 11 a.m. ET. Here is the blog’s recent explainer on Chesapeake’s woes, as well as five questions that need to be answered at the meeting.

(Christopher Swope is digital editorial coordinator for StateImpact, “a collaboration among NPR and local public radio stations in eight pilot states to examine public policy issues in-depth.”) [Copyright 2012 National Public Radio]

Leave a Reply

5AM to 9AM Morning Edition

Morning Edition

For more than two decades, NPR's Morning Edition has prepared listeners for the day ahead with two hours of up-to-the-minute news, background analysis, commentary, and coverage of arts and sports.

Listen Live Now!

9AM to 10AM The Takeaway

The Takeaway

A fresh alternative in morning news, "The Takeaway" provides a breadth and depth of world, national and regional news coverage that is unprecedented in public media.

View the program guide!

10AM to 11PM On Point

On Point

On Point unites distinct and provocative voices with passionate discussion as it confronts the stories that are at the center of what is important in the world today. Leaving no perspective unchallenged, On Point digs past the surface and into the core of a subject, exposing each of its real world implications.

View the program guide!

Upcoming Events in your area (Submit your event today!)

Streaming audio and podcasts

Stream KOSU on your smartphone

Phone Streaming

SmartPhone listening options on this page are intended for many iPhones, Blackberries, etc. with low-cost software applications available to listen to our full-time web streams, both News on KOSU-1 and Classical on KOSU-2.

Learn more about our complete range of streaming services

We're perfecting the patient experience - Stillwater Medical Center