Joshua's Feed
May 8, 2012

Exclusive: After McClendon’s trades, Chesapeake board gave blessing

NEW YORK (Reuters) – In its latest employment contract with CEO Aubrey McClendon, Chesapeake Energy Corp gave him permission to trade commodities for himself after he already had begun doing so.

Giving the CEO explicit license to play the markets represented an extraordinary incentive that enhanced one of corporate America’s most generous compensation plans and reinforced the unique treatment afforded to McClendon by Chesapeake.

May 8, 2012

EXCLUSIVE: After McClendon’s trades, Chesapeake board gave blessing

NEW YORK, May 8 (Reuters) – In its latest employment
contract with CEO Aubrey McClendon, Chesapeake Energy Corp gave
him permission to trade commodities for himself after he already
had begun doing so.

Giving the CEO explicit license to play the markets
represented an extraordinary incentive that enhanced one of
corporate America’s most generous compensation plans and
reinforced the unique treatment afforded to McClendon by
Chesapeake.

May 2, 2012

Special Report: Inside Chesapeake, CEO ran $200 million hedge fund

NEW YORK (Reuters) – As chairman and CEO of Chesapeake Energy Corp, Aubrey McClendon has been a powerhouse in the vast U.S. natural gas market, directing the company’s multibillion dollar energy-trading operation and setting output targets for America’s second-largest producer.

Behind the scenes, a Reuters investigation has found, McClendon also ran a lucrative business on the side: a $200 million hedge fund that traded in the same commodities Chesapeake produces.

Apr 25, 2012

Wyoming neighbors of Chesapeake well leak evacuate

NEW YORK, April 25 (Reuters) – More than 60 residents were
evacuated from their homes near a Chesapeake Energy-operated
well that leaked natural gas and drilling mud in
Wyoming, the company said on Wed nesday.

Chesapeake lost control of the well late on Tuesday while
installing a casing, which triggered the leak, the company said
in a statement. It wasn’t clear how much gas or fluid escaped
the well. Local TV reports said the sound of natural gas rushing
from the ground could be heard miles away.

Apr 25, 2012

Wyoming neighbors of leaking Chesapeake well evacuate

NEW YORK (Reuters) – Sixty-seven residents have evacuated their homes near a well that had a blowout and leak of natural gas and drilling mud near Douglas, Wyoming, Chesapeake Energy said on Wednesday.

On Tuesday, Chesapeake lost control of the well while installing a steel casing, setting off a leak of both natural gas and oil-based drilling mud, the company said in a statement.

Apr 9, 2012

Pump prices drop for first time in months

WASHINGTON (Reuters) – Gasoline prices fell for the first time in 11 weeks, government data showed on Monday, retreating slightly from near the $4-a-gallon level that has made fuel costs a biting economic issue during an election year.

On average, U.S. pump prices declined to $3.939 per gallon, the U.S. Energy Information Administration said. They were down less than a penny, after finishing the week to April 2 at an average $3.941 per gallon.

Apr 9, 2012

U.S. pump prices drop for first time in months

WASHINGTON, April 9 (Reuters) – U.S. gasoline prices fell
for the first time in 11 weeks, government data showed o n
M onday, retreating slightly from near the $4-a-gallon level that
has made fuel costs a biting economic issue during an election
year.

On average, U.S. pump prices declined to $3.939 per gallon,
the U.S. Energy Information Administration said. They were down
less than a penny, after finishing the week to April 2 at an
average $3.941 per gallon.

Apr 5, 2012

Oil hedge fund BlueGold to liquidate

By Joshua Schneyer and Barani Krishnan

(Reuters) – BlueGold Capital, an oil-focused fund that made headlines in 2008 by calling the peak of the market, is liquidating after four years of trading — the last of which put it at the bottom of commodity hedge fund rankings.

BlueGold is conducting an “orderly closure” of its business and expects to return about 98 percent of investor capital before the end of the year, the London-based fund said in a letter to investors on Thursday, a copy of which was obtained by Reuters.

Mar 24, 2012

Brazil may shift jurisdiction of Chevron case

RIO DE JANEIRO (Reuters) – A judge in Campos, Brazil, could shift the criminal charges filed against Chevron and drill-rig operator Transocean to Rio de Janeiro, a decision that would remove a crusading prosecutor from the case.

Eduardo Santos de Oliveira, a federal prosecutor based in Campos, in Rio de Janeiro’s interior, told Reuters on Friday a jurisdictional review is under way, which could delay any formal criminal indictment of the firms and their employees for weeks.

Mar 22, 2012

Chevron, Transocean charged in Brazilian oil spill

RIO DE JANEIRO/NEW YORK (Reuters) – A Brazilian federal prosecutor filed criminal charges on Wednesday against Chevron and drill-rig operator Transocean for a November oil spill, raising the stakes in a legal saga that has added to Chevron’s woes in Latin America and could slow Brazil’s offshore oil boom.

Prosecutor Eduardo Santos de Oliveira also filed criminal charges against 17 local executives and employees at Chevron and Transocean, owner of the world’s largest oil rig fleet. Among the defendants is George Buck, 46, a U.S. national in charge of Chevron’s operations in Brazil, the prosecutor’s office said in a statement.