The Aubrey McClendon Retirement Reading Guide
A roundup of news, analysis and insight into Aubrey McClendon's retirement as CEO of Oklahoma City natural gas giant Chesapeake Energy.
- McClendon retired, or he "retired?"
- "The difference could be called a matter of semantics," but it could be worth millions to McClendon, The Oklahoman reports.
- McClendon's departure boiled down to a clash between the CEO and the board over capital spending and cost-cutting, The Wall Street Journal reports:"... with Mr. McClendon seeking a larger budget and directors insisting that the company hew to its cash flow."
- Shareholders responded quickly to the announcement, The Houston Chronicle reports:
- But while shareholders might like the news, Oklahoma City nonprofits are nervous, KOSU reports:
- McClendon is a part owner of the Oklahoma City Thunder, and the company is obviously a big force behind the team. As DailyThunder.com points out: It's nearly impossible to separate Chesapeake and the OKC ball club. The same goes for McClendon, the "No. 2 guy in the ownership group.""He’s as key as anyone at the highest level of the organization in deciding how much money Sam Presti and his team will have to spend in a given season."
- Reuters market analyst John Kemp says removing McClendon does little to resolve Chesapeake's "basic problem."" ... it is the second-largest producer in a market (U.S. natural gas) which has been transformed by the advent of a new technology (hydraulic fracturing) and now faces years of oversupply as well as a radical change in the cost of production which has left many old assets stranded and devalued."