Chesapeake Energy Corp. has altered former CEO Aubrey McClendon’s noncompete agreement, giving him the right to acquire oil and natural gas holdings that are adjacent to the company’s wells in which he holds a stake. However, McClendon first would have to offer to Chesapeake the rights to purchase the adjacent properties on the same terms, and if more than 40% of the properties are next to the company’s operations, he would have to obtain its consent, according to a Form 8-K filing with the Securities and Exchange Commission. The filing indicated that Chesapeake would pay McClendon almost $50 million in severance, with the last payment in July 2014. He also is allowed the use of a company aircraft through 2016. McClendon agreed, for one year from the effective date of Jan. 29, 2013, not to hire any Chesapeake employee after April 1 except an employee assigned to provide accounting support or as an assistant; who had been terminated, but had not voluntarily departed; elected to accept any voluntary severance or retirement program offered by the company; or for whom the company consented in advance.
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Chesapeake Alters McClendon’s Exit Agreement
Chesapeake Energy Corp. last week altered former CEO Aubrey McClendon’s noncompete agreement, giving him the right to acquire oil and natural gas holdings that are adjacent to the company’s wells in which he holds a stake.
Margins May Weaken for Fracking, Pumping Services
Drilling technologies have transformed the competitive landscape within the oil and gas industry and altered the traditional pricing relationship between crude oil and natural gas, but there’s still plenty of room for horizontal drilling and hydraulic fracturing (fracking) services to grow, according to Standard & Poor’s Ratings Services (S&P).
S&P: Margins to Weaken for Fracking, Pressure Pumping Services
Drilling technologies have transformed the competitive landscape within the oil and gas industry and altered the traditional pricing relationship between crude oil and natural gas, but there’s still plenty of room for horizontal drilling and hydraulic fracturing (fracking) services to grow, according to Standard & Poor’s Ratings Services (S&P).
GOM Workers Evacuated as Isaac Looms
Tropical Storm Isaac altered its course on Friday and could move closer to the central Gulf of Mexico (GOM) by Monday and Tuesday than previously expected — and have grown to hurricane status by then — prompting some companies to suspend drilling operations and evacuate workers from some platforms.
Investigation: White House Altered Report to Justify Moratorium
The White House altered a Department of Interior (DOI) report last May to suggest that experts peer reviewed and supported the administration’s decision to impose a blanket moratorium on drilling in the Gulf of Mexico (GOM) following the well blowout that sank the Deepwater Horizon rig off the southern Louisiana coastline, according to a report released last Tuesday by DOI’s Office of Inspector General (OIG).
Investigation: White House Altered Report to Justify Moratorium
The White House altered a Department of Interior (DOI) report last May to suggest that experts peer reviewed and supported the administration’s decision to impose a blanket moratorium on drilling in the Gulf of Mexico (GOM) following the well blowout that sank the Deepwater Horizon rig off the southern Louisiana coastline, according to a report released Tuesday by DOI’s Office of Inspector General (OIG).
IEA: Global Energy Trends ‘Patently Unsustainable’
Current global trends in energy supply and consumption are “patently unsustainable” and must be altered, according to a report from the International Energy Agency (IEA).
Global ‘Energy Revolution’ to Cost $26 Trillion by 2030, IEA Says
Current global trends in energy supply and consumption are “patently unsustainable” and must be altered, according to a report from the International Energy Agency (IEA).
Equitable Resources Changes Direction on Appalachian Gas Pipe Projects
Equitable Resources Inc. denied reports that it was pulling out of the Northeast Passage pipeline project, but rather said it merely has altered its game plan to get its Appalachian natural gas to market.
