Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Chesapeake Energy Corporation    CHK   US1651671075

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Chesapeake Energy Corporation : General Counsel Henry J. Hood Issues Statement

04/18/2012 | 06:20pm US/Eastern

Chesapeake Energy Corporation (NYSE:CHK) General Counsel Henry J. Hood issued the following statement in response to recently published media reports: "The Founders Well Participation Program (FWPP) has been in place since the company's founding and was reapproved by shareholders by a wide margin in 2005. The terms and procedures for the program are clear and detailed in every proxy for all shareholders to see. Mr. McClendon's interests and Chesapeake's are completely aligned. In addition, there are numerous third-party participants in the company's wells, including some of the largest energy companies in the world, that monitor the actions of the company through a number of processes, including well audits, reporting, governmental filings and hearings, participation in development plans and marketing of production. The suggestion of any conflicts of interest is unfounded."

Hood also added, "The Board of Directors is fully aware of the existence of Mr. McClendon's financing transactions and the fact that these occur is disclosed in the proxy. Additionally, the total amount of his cost obligations and revenue attributable to the FWPP for each year are detailed in the proxy. The FWPP fully aligns the interests of Mr. McClendon with the company and the Board of Directors supports this program as does the majority of its shareholders."

Please visit www.chk.com/Reuters for more information regarding the company's disclosure on this topic.

Headquartered in Oklahoma City, Chesapeake Energy Corporation (NYSE:CHK) is focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S. Chesapeake owns positions in the Barnett, Haynesville, Bossier, Marcellus and Pearsall natural gas shale plays and in the Eagle Ford, Utica, Granite Wash, Cleveland, Tonkawa, Mississippi Lime, Bone Spring, Avalon, Wolfcamp, Wolfberry and Niobrara unconventional liquids plays. The company has also vertically integrated its operations and owns substantial marketing, midstream and oilfield services businesses directly and indirectly through its subsidiaries Chesapeake Energy Marketing Inc., Chesapeake Midstream Development, L.P. and COS Holdings,, L.L.C. and its affiliate Chesapeake Midstream Partners, L.P. (NYSE:CHKM). Further information is available at www.chk.com where Chesapeake routinely posts announcements, updates, events, investor information, presentations and news releases.

Chesapeake Contacts:
Jeffrey L. Mobley, CFA, 405-767-4763
jeff.mobley@chk.com
or
John J. Kilgallon, 405-935-4441
john.kilgallon@chk.com
or
Media Contacts:
Michael Kehs, 405-935-2560
michael.kehs@chk.com
or
Jim Gipson, 405-935-1310
jim.gipson@chk.com


© Business Wire 2012
React to this article
Latest news on CHESAPEAKE ENERGY CORPORAT
12:32p Icahn's investment fund posts first loss since 2008 on oil plunge
09:09aDJIcahn Investments Hit by Energy, Posts First Annual Loss Since 2008 -- Update
08:42aDJCARL ICAHN : Icahn's Investments Again Hit by Energy Prices
02/26DJMARKET SNAPSHOT : S&P End Little Changed; Dow Ekes Out Record Close
02/26 CHESAPEAKE ENERGY : slashes drilling but is poised to move if conditions improve
02/26 HEWLETT PACKARD : Us
02/26 HEWLETT PACKARD : Us
02/25 CHESAPEAKE ENERGY : to cut 2015 capital budget, scale back drilling operations a..
02/25 S&P 500 MOVERS : Chk, rrc
02/25DJDow Inches Up to a New Record
Advertisement
Chart
Duration : Period :
Chesapeake Energy Corporat Technical Analysis Chart | CHK | US1651671075 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF