Bankruptcy ‘jackpot’ for CEOs of failed oil companies
For Whiting Petroleum Corp. Chief Executive Officer Brad Holly, filing for bankruptcy had at least one perk: a $900,000 pay raise.
Chesapeake
Chesapeake declares ‘Propageddon’ with record shale frack
The era of the monster frack has arrived in North America, and Chesapeake Energy Corp. is singing its praises.
Chesapeake Energy gets subpoena from DoJ
Chesapeake Energy has received a subpoena from the US Department of Justice seeking information on the accounting methodology for the acquisition and classification of oil and gas properties.
Chesapeake loses appeal against $438m investor payment
A federal appeals court has rejected Chesapeake Energy's bid to avoid having to pay $438.7million to investors in a bond dispute.
Total nets Chesapeake’s share in Barnett shale area
Total E&P USA said it has exercised its preemption right to acquire Chesapeake's interests in the Barnett Shale operating area in North Texas.
Chesapeake gives Barnett Shale holdings to private-equity backed operator
Chesapeake Energy agreed to give away its Barnett Shale holdings to a private-equity backed operator, exiting the birthplace of the shale revolution to escape almost $2 billion in onerous pipeline contracts.
Chesapeake, Ward sued by shale owners for alleged scheme
Chesapeake Energy Corp., the company Aubrey McClendon built into a natural-gas giant, was sued along with his former partner by lease holders who say the pair conspired to rig bids for drilling rights during the shale boom.
Oklahoma medical examiner backs “accident” findings after oil man crash
Oklahoma's medical examiner has said a single-car crash which killed US oilman Aubrey McClendon was an "accident", echoing findings released earlier by police.
Seventy Seven Energy files for Chapter 11 bankruptcy
Oilfield service company Seventy Seven Energy will file for Chapter 11 bankruptcy before the end of May.
McClendon’s American Energy says it will continue operations
American Energy Partners LP, the firm created by Aubrey McClendon, said it would continue its work despite its founder’s death in a car crash Wednesday. “While all of the employees at AELP are deeply saddened by this tragic event, we are firm in our conviction that Aubrey would want us to persevere and continue his extraordinary legacy of innovation and creativity," the Oklahoma City-based company said in a statement on its website Thursday.
T. Boone Pickens pays tribute to former Chesapeake boss
Energy magnate T.Boone Pickens has paid tribute to the former boss of Chesapeake who died on a one-car crash a day after he was charged with conspiring to rig bids for oil leases.
Chesapeake Energy hires restructuring lawyers
Chesapeake Energy has hired restructuring lawyers and bankruptcy specialists at Kirkland and Ellis as its shares dropped by more than half.
Billions of barrels of oil vanish in a puff of accounting smoke
In an instant, Chesapeake Energy Corp. will erase the equivalent of 1.1 billion barrels of oil from its books. Across the American shale patch, companies are being forced to square their reported oil reserves with hard economic reality. After lobbying for rules that let them claim their vast underground potential at the start of the boom, they must now acknowledge what their investors already know: many prospective wells would lose money with oil hovering below $40 a barrel. Companies such as Chesapeake, founded by fracking pioneer Aubrey McClendon, pushed the Securities and Exchange Commission for an accounting change in 2009 that made it easier to claim reserves from wells that wouldn’t be drilled for years. Inventories almost doubled and investors poured money into the shale boom, enticed by near-bottomless prospects.
Big Oil’s flight draws US risk takers to Australian shale
Aubrey McClendon, the wildcatter who pioneered the US shale revolution by going where big oil companies wouldn’t, is at it again. This time in Australia.
Brothers hunt gas (and gators!) as CEOs of rival shale empires
Here’s a question most brothers might have answered with the gun option: Do you jump on that 9- foot alligator or do you do the more sensible thing and shoot it in the head, given that it weighs a few hundred pounds and could bite you with the force of, say, 12 pit bulls? If you’re the Lawler brothers, who did not get to be two of the hardest-nosed CEOs in the oil industry by making easy decisions, there was only one answer: Jump on it! So they did—Doug first, of course, since, as he likes to note, he is 17 months older than his “little brother,” Dave.
Chesapeake Energy agrees to pay $25million compensation
Chesapeake Energy has agreed to a $25million compensation fund as part of a settlement deal on charges brought by the state of Michigan. The company had faced charges of antitrust and racketeering. A criminal antitrust trial which was underway in the US state has now been suspended as part of the settlement.