Wednesday, March 02, 2016 8:12:12 PM
Energy pioneer McClendon dies in fiery car crash, a day after indictment
Former Chesapeake Energy Chief Executive Aubrey McClendon, a brash risk-taker who helped transform the U.S. energy industry with shale gas, died when his car slammed into an overpass on Wednesday, one day after being charged with breaking federal antitrust laws, police said. He was 56.
McClendon was alone in his 2013 Chevy Tahoe when it sped into an embankment along a remote two-lane road in Oklahoma City, where it burst into flames, a police spokesman said. The cause of death will be determined later by a medical examiner, the spokesman said.
The crash occurred less than 24 hours after the U.S. Department of Justice announced that McClendon had been indicted for allegedly colluding to rig bids for oil and gas acreage while he was at Chesapeake. He had denied the charges.
Over more than two decades, he built Chesapeake from a small wildcatter into one of the world's biggest natural gas producers before resigning in 2013, after a corporate governance crisis and investor concerns over his heavy spending
Tuesday's indictment followed a nearly four-year federal antitrust probe that began after a 2012 Reuters investigation found that Chesapeake had discussed with a rival how to suppress land lease prices in Michigan during a shale-drilling boom. Although the Michigan case was subsequently closed, investigators uncovered evidence of alleged bid-rigging in Oklahoma. (http://reut.rs/1TPxUVy)
REVERED FOR HELPING OKLAHOMA
A native of Oklahoma, McClendon attended Duke University before starting Chesapeake in 1989 with his friend Tom Ward. Ward, who later broke away to launch his own company, SandRidge Energy Inc (SDOC.PK), called McClendon's death "not only a heartbreaking day for me but a sad day for all of Oklahoma."
McClendon was known for his high tolerance for risk and debt and for his lavish lifestyle, which included the purchase of high-end homes, antique boats and an extensive wine cellar.
http://finance.yahoo.com/news/energy-pioneer-mcclendon-dies-fiery-010057895.html;_ylt=A0LEV7wvjtdW00IAXhonnIlQ;_ylu=X3oDMTEyazQxZTFtBGNvbG8DYmYxBHBvcwMxBHZ0aWQDQjE2OThfMQRzZWMDc2M-
Former Chesapeake Energy Chief Executive Aubrey McClendon, a brash risk-taker who helped transform the U.S. energy industry with shale gas, died when his car slammed into an overpass on Wednesday, one day after being charged with breaking federal antitrust laws, police said. He was 56.
McClendon was alone in his 2013 Chevy Tahoe when it sped into an embankment along a remote two-lane road in Oklahoma City, where it burst into flames, a police spokesman said. The cause of death will be determined later by a medical examiner, the spokesman said.
The crash occurred less than 24 hours after the U.S. Department of Justice announced that McClendon had been indicted for allegedly colluding to rig bids for oil and gas acreage while he was at Chesapeake. He had denied the charges.
Over more than two decades, he built Chesapeake from a small wildcatter into one of the world's biggest natural gas producers before resigning in 2013, after a corporate governance crisis and investor concerns over his heavy spending
Tuesday's indictment followed a nearly four-year federal antitrust probe that began after a 2012 Reuters investigation found that Chesapeake had discussed with a rival how to suppress land lease prices in Michigan during a shale-drilling boom. Although the Michigan case was subsequently closed, investigators uncovered evidence of alleged bid-rigging in Oklahoma. (http://reut.rs/1TPxUVy)
REVERED FOR HELPING OKLAHOMA
A native of Oklahoma, McClendon attended Duke University before starting Chesapeake in 1989 with his friend Tom Ward. Ward, who later broke away to launch his own company, SandRidge Energy Inc (SDOC.PK), called McClendon's death "not only a heartbreaking day for me but a sad day for all of Oklahoma."
McClendon was known for his high tolerance for risk and debt and for his lavish lifestyle, which included the purchase of high-end homes, antique boats and an extensive wine cellar.
http://finance.yahoo.com/news/energy-pioneer-mcclendon-dies-fiery-010057895.html;_ylt=A0LEV7wvjtdW00IAXhonnIlQ;_ylu=X3oDMTEyazQxZTFtBGNvbG8DYmYxBHBvcwMxBHZ0aWQDQjE2OThfMQRzZWMDc2M-
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