Chesapeake Energy (ticker CHK) rallies hard by 24%.
CNBC: “Anyone who knows me, my business record and the industry in which I have worked for 35 years, knows that I could not be guilty of violating any antitrust laws,” McClendon said in a statement Tuesday.
New York Times: Aubrey McClendon was the face of the nation’s natural gas boom, a swashbuckling innovator who pioneered a shale revolution.
He built a fortune as head of Chesapeake Energy, whose embrace of new production techniques unlocked previously untapped deposits and helped wean the United States from ever-increasing dependence on imports.
In his years at Chesapeake, which he co-founded in 1989, it would become the second-biggest natural gas producer in the United States. Only Exxon Mobil produces more.
Bloomberg: Aubrey McClendon, the billionaire oilman who was instrumental in launching the U.S. shale energy revolution, died in a car crash in Oklahoma City on Wednesday morning.
“He pretty much drove straight into the wall,” Balderrama said, according to KFOR News Channel 4 in Oklahoma City. “The information out there at the scene is that he went left of center, went through a grassy area right before colliding into the embankment. There was plenty of opportunity for him to correct and get back on the roadway, and that didn’t occur.”
CNBC: McClendon, 56, crashed into an embankment while traveling at a “high rate of speed” in Oklahoma City just after 9 a.m. local time, said Capt. Paco Balderrama of the Oklahoma City Police Department. Flames engulfed McClendon’s vehicle “immediately,” Balderrama said. He added that police determined McClendon was not wearing a seatbelt after earlier being unable to tell.
“Aubrey’s tremendous leadership, vision and passion for the energy industry had an impact on the community, the country and the world. We are tremendously proud of his legacy and will continue to work hard to live up to the unmatched standards he set for excellence and integrity,” American Energy Partners said in a statement.
T. Boone Pickens of BP Capital Management called McClendon “a major player in leading the stunning energy renaissance in America” and “a true entrepreneur.”
Wall Street Journal: His extreme risk-taking made him a billionaire at one time. It also caused him personal and professional financial hardships that spurred activist investors, including Carl Icahn, to oust him as Chesapeake’s chief executive in 2013.
On Tuesday, a federal grand jury indicted Mr. McClendon, alleging he orchestrated a campaign with an unnamed company to keep bid prices in Oklahoma down from 2007 to 2012. The state of Michigan made similar allegations against Chesapeake, and the company settled that case for $25 million last year. Mr. McClendon contested the federal charges Tuesday evening.
“All my life I have worked to create jobs in Oklahoma, grow its economy, and to provide abundant and affordable energy to all Americans,” he said in a statement. “I am proud of my track record in this industry, and I will fight to prove my innocence and to clear my name.”
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