‘Wildcat’ Chesapeake Billionaire McClendon Becomes the Hunted

The stock price of his energy company is down nearly 30%. The board stripped him of his chairmanship amid scandal. Today, his estimated billion-dollar personal fortune has shrunk by more than half. Aubrey McClendon, 53, endured a trying year running the second-largest natural gas producer in the United States, Chesapeake Energy Corp. But as corporate, state and federal probes into McClendon and the company continue, 2013 isn’t looking much easier.

Chesapeake Energy CEO Aubrey McClendon will retire effective April 1, according to a company release. Shares of CHK are surging in after-hours trading An internal review found McClendon did not engage in any improper conduct.

Chesapeake Energy Corp. Chief Executive Officer Aubrey McClendon will resign from the company he built into the second-largest U.S. natural gas producer after scrutiny of his personal finances and a corporate cash crunch erased as much as 43% of its market value last year.

Aubrey McClendon will no longer be running Chesapeake Energy Corpcome April 1. But he is likely to remain deeply entangled with the company he founded 24 years ago.

By Trent Guinn:Chesapeake (CHK) is an oil and natural gas Exploration and Production company based in Oklahoma City. The company was founded in 1989 by current CEO Aubrey McClendon and current Sandridge (SD) CEO Tom Ward. Aubrey has built Chesapeake into the second largest producer of natural gas and the most active driller in the US. Recently, Mr.

Chesapeake Energy Corp reported quarterly profit that exceeded Wall Street expectations on Wednesday, as the U.S. oil and gas company produced more crude oil from shale basins like the Eagle Ford in Texas and expenses fell. Chesapeake, under the direction of a board handpicked by its largest investors and interim Chief Executive Steve Dixon, is focused on drilling its best properties and increasing output of more profitable crude oil while lowering spending.

Chesapeake Energy Corp.’s board withheld Chief Executive Officer Aubrey McClendon’s annual bonus after investors criticized the performance and management of the second-biggest U.S. natural gas producer.

By Qineqt:Chesapeake Energy Corp (CHK) Chief Executive Officer Aubrey McClendon made a presentation at the Barclays Energy Conference 2012 last week, in which he expressed his optimism regarding the sales of assets targeted for 2012, and revealed that proceeds from the sales will be directed towards debt reduction and the company's funding gap. Company Overview