March 1 (Reuters) – The U.S. Securities and Exchange
Commission has escalated its investigation into Chesapeake
Energy Corp and Chief Executive Aubrey McClendon for a
controversial perk that granted him a share in each of the
natural gas producer’s wells.
The investigation, disclosed on Friday by Chesapeake in an
SEC filing, comes nine days after it said an internal probe of
the well program and McClendon’s finances revealed no
“intentional” wrongdoing by the executive.
By Anna Driver
(Reuters) – Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) reported fourth-quarter profit that topped Wall Street estimates on Thursday, helped by lower-than-expected expenses and more profitable oil production.
Shares of Chesapeake rose nearly 2 percent to $20.60 before the start of regular trading.
Feb 21 (Reuters) – Chesapeake Energy Corp reported
fourth-quarter profit that topped Wall Street estimates on
Thursday, helped by lower-than-expected expenses and more
profitable oil production.
Shares of Chesapeake rose nearly 2 percent to $20.60 before
the start of regular trading.
(Reuters) – Chesapeake Energy Corp said on Wednesday its internal probe of the financial dealings of outgoing chief executive Aubrey McClendon found no “intentional” wrongdoing.
The company did not say how it had reached its conclusions and did not release a full report of its investigation. Despite Chesapeake’s internal findings, state and federal investigations of the company continue.
Feb 14 (Reuters) – Apache Corp’s fourth-quarter
profit fell short of expectations as expenses rose on labor and
maintenance costs, and the company’s 2013 oil and natural gas
production outlook also disappointed.
The results marked Apache’s fourth consecutive earnings
miss, and its shares fell nearly 5 percent on Thursday.
NEW YORK (Reuters) – SandRidge Energy Corp is giving its chief executive wide latitude to profit from personal oil-and-gas deals in ways that pose potential conflicts of interest with the company, according to a review of employment contracts and recent transactions.
SandRidge has lifted most restrictions on CEO Tom Ward’s ability to sell mineral rights or drill wells, through little-noticed changes to his employment agreement in 2011. (See Factbox.)
HOUSTON/SAN FRANCISCO (Reuters) – Strength in refining and chemicals led to higher-than-expected fourth-quarter earnings for Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz) and Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz), the two largest U.S. oil companies.
A flood of oil produced from U.S. shale formations has pushed refining margins higher for many companies with plants in the United States, while chemical companies are benefiting from the low price of natural gas, a key feedstock.
(Reuters) – Aubrey McClendon will no longer be running Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) come April 1. But he is likely to remain deeply entangled with the company he founded 24 years ago.
America’s second-largest natural-gas producer said on Tuesday that McClendon is stepping down as chief executive and a board member. He is leaving behind legal predicaments and intertwined personal and corporate interests that analysts say could linger for years.
By Anna Driver
(Reuters) – Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) said on Tuesday that Aubrey McClendon will step down as chief executive after a tumultuous year in which a series of Reuters investigations triggered civil and criminal probes of second-largest U.S. natural-gas producer.
News of the executive’s plan to depart on April 1 sent the company’s shares up 8 percent. The stock has recovered in recent months after losing almost half its value last spring when a Reuters report opened the company and its co-founder up to intense scrutiny.
By Anna Driver
(Reuters) – Valero Energy Corp (VLO.N: Quote, Profile, Research, Stock Buzz), the largest independent U.S. refiner, reported a bigger-than-expected jump in fourth-quarter profit on Tuesday as it processed more cheaper crude oil from U.S. shale basins.
Shares of Valero rose 8.5 percent to $42.11 in morning New York Stock Exchange trading.