- Nearly a year after Chesapeake Energy (CHK) ousted Aubrey McClendon after a governance scandal and a liquidity crisis, the former CEO retains financial ties to CHK and is using them to try to change company plans, according to a Reuters report.
- McClendon is attempting to force CHK to drill 12 multimillion dollar wells in Louisiana's Haynesville Shale even as CHK tries to rein in spending and cut debt to focus on other shales, according to a CHK lawyer.
- As a legacy of founding CHK, McClendon has personal stakes of 2.5% in nearly all of the tens of thousands of wells the company developed; he is also entitled to a slice of new wells, and he has asked Louisiana regulators to order CHK to follow his drilling plan.
Report: McClendon trying to force Chesapeake to drill wells it doesn't want
Feb 26 2014, 17:54 ET