It Looks Like Some Chesapeake Energy Board Members Had Potential Conflicts Of Interest

kate upton aubrey mcclendonAubrey McClendon with relative Kate Upton

Photo: The Lost Ogle

The piling-on continues for Chesapeake Energy, which is still dealing with its CEO’s complicated compensation situation and other operational problems.This morning, Bloomberg goes director-by-director through Chesapeake Energy’s board highlighting various potential conflicts.  Here’s some of what they found:

  • Pete Miller, lead director: Chesapeake has paid Miller’s firm, National Oilwell Varco,  more than $343 million since 2009
  • Frank Keating, director since 2003: son Chip was paid more than $250,000 for participating in the company’s real estate deals
  • Burns Hargis: Chesapeake has donated more than $10 million to Oklahoma State University, where Hargis serves as president
  • Breene Kerr, former board member: trusts benefiting Kerr’s siblings received $6.39 million in 2007 for oil and gas royalty interests on more than 5,750 net mineral acres

A Chesapeake spokesman denied any impropriety.
“Each of Chesapeake’s directors has built a superb reputation based on impeccable credentials, independent judgment and unwavering integrity,” said Michael Kehs, a company spokesman. “We take great pride in our board.”
Read the full report on Bloomberg.
SEE MORE: The Fabulous Life of Aubrey McClendon

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