Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, rose by 1.2 million barrels last week, the EIA said, raising fears that the nation's largest storage facility is nearing full capacity. Saudi Arabia, Russia , Qatar and Venezuela agreed on February 16 in Doha that they would freeze production, if other producers followed suit, in an effort to tackle the global oversupply.
The U.S. Department of Justice on Tuesday announced that McClendon had been indicted for allegedly colluding to rig bids for oil and gas acreage while he was at Chesapeake, a central player in the U.S. With financial backing from private-equity heavyweights including First Reserve Corp. and Energy & Minerals Group, controlled by John Raymond, McClendon's new vehicle amassed drilling rights and exploratory stakes from the Appalachian Mountains to Australia and Argentina before commodity prices ...
In 1989 he and Tom Ward co-founded Chesapeake Energy. Specifically, the indictment stated McClendon had colluded to rig oil and gas bids as CEO of Chesapeake. Its stock peaked at $70 in 2008 but today is worth just $3.40 as energy prices have crashed. "He was charismatic and a true American entrepreneur", said T.
An Oklahoma City police spokesman says a former energy executive was speeding and "drove straight into the wall" when he was killed in a single-car crash. He took a tiny oil company, Chesapeake Energy, which he co-founded in 1989, and made it into the second-biggest gas producer in the United States. The Justice Department indictment paves the way for what may be one of the highest-profile criminal antitrust cases against a well-known U.S.
JPMorgan Chase & Co. began coverage on shares of Chesapeake Energy in a research report on Wednesday, December 9th. The rating by the firm was issued on February 25, 2016. Revenue for the quarter came in at $50.3 million, versus the consensus estimate of $50.03 million. Several hedge funds recently bought and sold shares of CHK .
Even though the investigation includes two oil companies, McClendon is the only defendant listed on the indictment. The team was renamed the Oklahoma City Thunder and plays in Chesapeake Energy Arena.