Photo: Foundation OKCPS
Aubrey McClendon is out as CEO of Chesapeake Energy after turning a company he founded from scratch 30 years ago into the country’s second-largest natural gas producer.What happened?
The short answer is the low natural gas prices destroyed the company’s earnings.
The longer answer is that even before the natural gas glut, McClendon had loaded the company with debt at levels analysts believed unsustainable.
Then last year, Reuters’ investigative reporters Anna Driver and Brian Grow said McClendon was borrowing massive loans from a company that also lends to Chesapeake, and using personal stakes in well profits as collateral.
We wanted to take a look at the undeniably fabulous life McClendon built for himself, and now must leave behind.