Chesapeake’s CEO McClendon Will Not Get a $1.95M Bonus for 2012
In a regulatory filing on Monday, Chesapeake Energy said it will not pay CEO Aubrey McClendon a bonus for 2012. Since 2009 he’s received a $1.95 million bonus each year. But the company had a tough year in 2012 with the revelation that some of McClendon’s financing deals were a bit sketchy. Too, the stock price for the company took a real tumble in 2012 because of a lot of debt, and the company’s chief asset—the ability to produce natural gas—suffered from the low commodity price for natgas. Chesapeake ended up selling off many assets to pay down their debt. Throw it all in the pot and Aubrey had a lot of Excedrin headaches last year.
What we know about the recent regulatory filing, and a quick recap of Chesapeake’s tough year in 2012:
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A small independent exploration and production company from Bradford, PA—Minard Run Oil Co.—has just picked up 56,130 acres of leases, 200 miles of pipelines, compressor stations, and 413 natural gas wells—all located in the Finger Lakes region of New York. They purchased the assets from Chesapeake Energy for an undisclosed amount. According to Minard, Chesapeake was “a willing seller,” which kind of feels to MDN like it was a “fire sale” on the part of Chesapeake to get a little more cash on the books before the close of 2012.
CONSOL Energy, headquartered in Pittsburgh, has been known as a coal company for generations. More recently, they’ve accumulated the fourth largest number of Marcellus Shale acres under lease and have a very active shale drilling program in both the Marcellus and the Utica Shale. So when CONSOL issues an “innocent” press release announcing three members of the executive management team are retiring, we notice.