Aubrey McClendon Retirement Reaction: CHK Stock Climbs, Fracktivists Shrug, Reuters Gloats

By -
As the news that Aubrey McClendon will no longer be Chesapeake's CEO sinks in, several articles can help to give an idea of how different corners are reacting to the news.

First, from Financial Times comes a report that Chesapeake's shares jumped 10 percent in after-hours trading to $20.87.

From anti-drilling activist Dory Hippauf of shaleshockmedia.org:
Don’t count McClendon down and out.  It won’t be long before he turns up on some other board of directors or similar.   This is how the game of musical chairs is played in the corporate world.
The Board of Directors has also delayed the release of their internal investigation into McClendon’s loans and related activities.   Originally, the report was scheduled to be release at the end of December 2012, it was then pushed to the end of January 2013.   Now they are saying by end of February 2013.
My guess is the report currently blames everything on McClendon, and this led to him being given the option to “retire”.    The delay to end of February in conjunction with the McClendon’s “retirement” leads me to believe the report is going under a major rewrite to fuzzy-up the details.
What does it mean for Chesapeake’s natural gas drilling activities going forward?  Nothing.  Business as usual.   There have been rumors of Chesapeake being bought out by larger corporations, but for the people living the drill, it still will be business as usual.
Read that whole post by clicking here.

And lastly, from Reuters - who seemingly was on a crusade to dig up as much possible mud to fling at McClendon and Chesapeake as possible over the past year or so - comes this:
Chesapeake Energy Corp said on Tuesday that Aubrey McClendon will step down as chief executive after a tumultuous year in which a series of Reuters investigations triggered civil and criminal probes of the second-largest U.S. natural gas producer. 
News of the executive's plan to depart on April 1 boosted the company's shares by 9 percent. The stock has made a partial recovery since losing almost half its value last spring after a Reuters report opened the company and its co-founder up to intense scrutiny.
Notice the double pat on the back in the two introductory paragraphs of the article.  Reuters is feeling pretty good about this, I guess.  You can read the rest of their article here.

Connect with us on Facebook and Twitter!

Popular posts from this blog

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

By -
Image
From Energy in Depth: There is something very strange going on along Carter Road, in Dimock, Pennsylvania, and I’m not speaking of natural gas, methane migration, contamination, litigation or even the extensive water testing there by the EPA and others.  No, I’m talking about a new “Watergate” conspiracy, complete with 18 minutes of missing tape (well, video, actually). It seems the ever-present Green Party member and  naturist   Vera Scroggins  (a/k/a  Vera Duerga ) has posted a video of Craig Sautner meeting with the EPA.  Mysteriously, the video is but 14 seconds in length, cutting off conversation in what is obviously mid-stream.  It raises a question Craig Sautner, like  Ronald Reagan in Kings Row , might have asked, “Where’s the rest of me?’  Carter Road, isn’t Kings Row, of course, (at least not until you arrive at  the mansion Scott Ely, one of the Dimock litigants, is building with his royalty money ), but there appears to be...
Read more

The Second Largest Oil and Gas Merger - Cabot and Cimarex

By -
Image
       Due to investor pressure, the U.S shale drillers are being pushed to improve financial and operational performance after a few years of poor returns. Even though the industry has improved its numbers, when compared to last year, investors still want more to be done for them to earn more money.      That's why two mid-tier shale drillers, Cabot and Climarex, have decided to merge in order to eliminate $100 million in annual costs, which means more money for the investors. This all-stock transaction is valued at about $7.4 billion, which is relatively high for the oil and gas sector.      The new entity will be renamed and the headquarters located in Houston, Texas. Cabot shareholders will own 49.5 percent of the new entity, and Climarex the rest.       The Cimarex-Cabot merger will address the investor's demand for a higher amount of returning cash. The initial plan is to pay a 50-cent-per-share special dividen...
Read more

Do You Know The History of Fracking?

By -
Image
  In 2018, 59% of total oil production in the U.S came from hydraulic fracking, which means it accounted for more than two-thirds of domestically manufactured gas. By 2024, fracking will reach an astounding $68 billion market value! Of course, fracking is not a new drilling method as you can trace it back hundreds of years. That's why we want to consider the history of hydraulic fracturing (fracking). We will be stating historical facts about it and focusing on the major historical occurrences that have influenced modern-day fracking. Pre-Fracking Days The idea of fracking started back in 1862 when Edward A.L. Roberts (Civil War veteran) witnessed Confederate soldiers exploding artillery rounds into a canal that obstructed a battlefield. At the time, Edward A.L. Roberts called it superincumbent fluid tamping. On April 26th, 1865, Edward A.L. Roberts began experimenting with exploding torpedoes, which consisted of lowering a torpedo containing an amount of powder from fifteen to tw...
Read more