Aubrey

Chesapeake Energy Corp.’s board of directors Thursday said it was working with CEO Aubrey McClendon to end the Founder Well Participation Program (FWPP) in which the CEO has the contractual right to participate and invest up to a 2.5% working interest in every new well the company drills.

Chesapeake Energy Corp.’s board of directors Thursday was working with CEO Aubrey McClendon to terminate early the Founder Well Participation Program (FWPP) in which the CEO has a contractual right to participate and invest up to a 2.5% working interest in every new well the company drills.

Chesapeake Energy Corp. CEO Aubrey McClendon’s cumulative spending under the company’s unique Founder Well Participation Program (FWPP) has “significantly exceeded cumulative production revenues to date” because the company’s capital spending also has been rising year-to-year, the latest annual proxy statement revealed.

A top energy analyst and some shareholders on Friday called for Chesapeake Energy Corp. CEO Aubrey McClendon and members of the board of directors to step aside following disclosures of questionable personal financial transactions by McClendon.

Chesapeake Energy Corp.’s stock lost more than 5% of its value on Wednesday after reports that CEO Aubrey K. McClendon has taken out $1.1 billion in personal loans secured by stakes that he holds in company wells that he then used to cover the operating expenses related to investing in the wells. Close to half of the personal loans apparently were provided by a significant investor in the corporation.

Chesapeake Energy Corp. CEO Aubrey K. McClendon over the past three years has taken out more than $1 billion in personal loans to finance his stakes in company wells and their operations, news that led some disapproving investors on Wednesday to head for the exit.

Chesapeake Energy Corp. CEO Aubrey McClendon said last week the company would keep 1 Bcf/d of gross natural gas production, or about 15% of total output, curtailed through October.

Chesapeake Energy Corp. CEO Aubrey McClendon said Wednesday the company would keep 1 Bcf/d of gross natural gas production, or about 15% of total output, curtailed through October.

Chesapeake Energy Corp., the second largest natural gas producer in the United States, has shut in 1 Bcf/d gross through October, CEO Aubrey McClendon told investors on Wednesday.