It’s no secret that Chesapeake Energy had a tough year in 2012. Chesapeake’s stock price tanked by 43%—from too much debt, historically low natural gas prices and vicious, repeated media attacks by the Reuters and Bloomberg “news” agencies. Chesapeake’s troubles reached a tipping point yesterday when Aubrey McClendon, Chesapeake’s “bad boy” CEO, announced he is retiring from the company he built from the ground up 24 years ago. Today, Chesapeake is a multi-billion corporation and the second largest natural gas driller in the United States behind ExxonMobil.
McClendon’s announcement that he is “retiring” from the company on April 1, at age 53, is really big news for MDN readers. Chesapeake is the largest driller in the Utica Shale, and one of the largest in the Marcellus. When Chesapeake sneezes, the Marcellus/Utica catches a cold.