Chesapeake Energy Corp.’s annual meeting Friday has taken on special meaning for the company, its shareholders and the business community following corporate governance questions raised in the past two months that are hanging over the heads of CEO Aubrey McClendon and members of the board of directors. Two board members face reelection, but if big shareholder groups have their way, including the third largest, Carl Icahn, the company will see some new faces.
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Driller Sues City Over Fracking Ban
Northeast Natural Energy (NNE) has filed suit in circuit court against the City of Morgantown, WV, to prevent the city from enforcing its new ordinance banning hydraulic fracturing (fracking).
Industry Briefs
Enterprise Products Partners LP (EPE), Duncan Energy Partners LP (DEP) and Enterprise GP Holdings LP (EPGP) realigned the boards of the respective general partners to strengthen corporate governance policies. The majority of each board now is composed of nonmanagement directors. The EPGP board is to be helmed by CEO and President Michael A. Creel, Executive Vice President (EVP) A.J. “Jim” Teague and three nonmanagement directors. The DEP board is now composed of President and CEO W. Randall Fowler and four nonmanagement directors. EPE is now run by President and CEO Ralph S. Cunningham, EVP Richard H. Bachmann and five nonmanagement directors. The changes to the boards do not impact the business units’ structures or their strategic focuses, EPE said.
People
McMoRan Exploration Co. said Tuesday that it has separated the roles of chairman and CEO to strengthen its corporate governance structure. McMoRan named Glenn A. Kleinert president and CEO, noting that James R. Moffett and Richard C. Adkerson will continue to serve as co-chairmen of the board. McMoRan will be managed through an office of the chairman consisting of Messrs. Moffett, Adkerson and Kleinert. The company said that the office of the chairman will direct the business activities of McMoRan, with Moffett continuing to focus on exploration activities and business strategy including McMoRan’s efforts to develop an LNG facility at its Main Pass Energy Hub offshore Louisiana. Adkerson will focus on financial and administrative activities and financial strategy including the commercial and financing activities for the LNG facility and Kleinert will be responsible for executive management functions including acreage development and production activities. In other McMoRan mangement news, B. M. Rankin, Jr. will continue on as vice chairman of McMoRan’s board, while C. Howard Murrish, executive vice president, will continue in his role in McMoRan’s oil and gas exploration activities. The independent oil and gas E&P company operates offshore in the Gulf of Mexico and onshore in the Gulf Coast area.