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.
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