Directors

Chesapeake Board Reelected, New Conditions Defeated

Chesapeake Energy Corp. shareholders earlier this month reelected the board of directors, but rejected separate proposals to implement proxy access, reincorporate in Delaware and declassify the board, the last of which would have made it easier to replace the entire board in one fell swoop.

June 24, 2013

Time to Execute, Says Chesapeake COO

It’s been a year since Chesapeake Energy Corp.’s shareholders voted out most of the board of directors, chastised then CEO Aubrey McClendon and drew a line on corporate governance (see Daily GPI, June 11, 2012). Prized assets since have been sold, capital budgets have been cut, offices closed.

June 17, 2013

Time to Execute, Says Chesapeake COO

It’s been a year since Chesapeake Energy Corp.’s shareholders tossed out most of the board of directors, chastised then CEO Aubrey McClendon and drew a line on corporate governance (see NGI, June 11, 2012). Prized assets since have been sold, capital budgets have been cut, offices closed.

June 17, 2013

Investor Revolt Sends Oxy Chairman Irani Packing

Occidental Petroleum Corp. (Oxy) Chairman Ray Irani on Friday withdrew as a nominee to serve another term on the board of directors, and he was a no-show for the company’s annual meeting in Santa Monica, CA, Oxy said.

May 6, 2013

People

Occidental Petroleum Corp. (Oxy) Chairman Ray Irani withdrew as a nominee to serve another term on the board of directors, and he was a no-show for the company’s annual meeting in Santa Monica, CA, on Friday (May 3), Oxy said. Edward Djerejian, a former U.S. diplomat who served as an ambassador to Israel and who is a former assistant secretary of State, is assuming the role of independent chairman. He has been an independent director since 1996. Spencer Abraham, the former secretary of Energy for President George W. Bush, was elected independent vice chairman. Irani, 78, had worked at Oxy since 1978, taking over as chairman and CEO in 1990 after founder Armand Hammer died. Irani, who had planned to retire in 2014, had turned over the CEO post two years ago to Steve Chazen, 66, who had served in the executive suite since 1994. Earlier this year Irani had attempted to oust Chazen, which led to criticism by major shareholders. However, days ago the board said Chazen would remain CEO through 2014 “with full board support.”

May 6, 2013

ExxonMobil Urges Shareholders to Defeat Shale Proposals

Shareholders once again are urging ExxonMobil Corp. to report how its natural gas operations in shale formations impact the environment. The oil major once again is recommending the proposal be defeated.

April 15, 2013

SandRidge Cost Cutting May Include Reduced Rig Count

SandRidge Energy Inc.’s revamped board of directors is making good on its promise to review the company’s strategy and costs — including a potential decrease in rig count — and allegations made against embattled CEO Tom Ward by hedge fund TPG-Axon Capital.

April 15, 2013
SandRidge Cost Cutting Could Include Reduced Rig Count

SandRidge Cost Cutting Could Include Reduced Rig Count

SandRidge Energy Inc.’s revamped board of directors is making good on its promise to review the company’s strategy and costs — including a potential decrease in rig count — and allegations made against embattled CEO Tom Ward by hedge fund TPG-Axon Capital.

April 9, 2013

Chesapeake Taps COO Dixon as Interim Chief

Chesapeake Energy Corp.’s directors have tapped COO Steven C. Dixon as acting CEO and established a three-person Office of the Chairman as they continue to search for a permanent chief.

April 2, 2013

Mississippian Paying Off for SandRidge; Market Wary

SandRidge Energy Inc.’s transition from a natural gas producer to an oil explorer appears to be paying off, with the company’s Mississippian Lime operations experiencing success and its bottom line improving, but the market seems unconvinced.

March 4, 2013
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