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Chesapeake Energy shares fall to 52-week low in reaction to report

by Paul Monies Published: April 18, 2012

Shares of Chesapeake Energy Corp. fell to a new 52-week low Wednesday before recovering at the end of the trading day following a report about $1.1 billion in personal loans taken by founder and CEO Aubrey McClendon.

Jittery investors shaved more than 5 percent from the value of Chesapeake shares, which closed at $18.06. More than 93 million shares changed hands, almost six times the average daily volume. At one point, the stock fell 10 percent to $17.17.

Reuters reported McClendon personally borrowed up to $1.1 billion against his interests in the company's well participation program, a perk available only to him as the company's founder. McClendon and Chesapeake told the wire service the company's board was aware of the transactions and the well participation program has been disclosed to investors.

by Paul Monies
Energy Reporter
Paul Monies is an energy reporter for The Oklahoman. He has worked at newspapers in Texas and Missouri and most recently was a data journalist for USA Today in the Washington D.C. area. Monies also spent nine years as a business reporter and...
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