Taken

The New York Mercantile Exchange (Nymex) has taken disciplinary action against and penalized two exchange members and one non-member for fraudulent trading of natural gas and oil futures.

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.

British Columbia’s (BC) largest gas distributor has taken a lead position in a program allowing utilities and their customers to fund incentives for natural gas vehicle (NGV) use, thereby boosting the market for the province’s production.

British Columbia’s (BC) largest gas distributor has taken a lead position in a program allowing utilities and their customers to fund incentives for natural gas vehicle (NGV) use, thereby boosting the market for the province’s production.

Chesapeake Energy Corp. shareholders were urged in a letter sent Thursday by the New York City comptroller to vote against the only two board members up for reelection in June. Meanwhile, the board on Friday adopted a compensation arrangement for outside directors that reduces compensation by 20% and eliminates personal travel on aircraft in which the company has a stake.

Eagle Ford operator Paloma Partners II LLC revealed on Wednesday that it is being taken over by Marathon Oil Corp. for $750 million in cash.

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.

Natural gas development is a key component of Mississippi’s energy strategy, according to Gov. Phil Bryant, who on Wednesday said he has taken steps to encourage the use of natural gas vehicles (NGV) in the state. Meanwhile, more alternative fuel stations are going up around the nation and Cummins said it has developed a heavy duty, spark-ignited natural gas engine to meet “on-highway applications.”