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Chesapeake Energy Corp. draws praise at annual meeting

Chesapeake Energy Corp. shareholders praised the company at Friday's annual meeting. The event marked a stark contrast from last year, when most proposals were defeated and most shareholder comments were negative.
by Adam Wilmoth Modified: June 14, 2013 at 7:19 pm •  Published: June 15, 2013

A shareholder proposal for the company to move its incorporation to Delaware from Oklahoma received less than 3 percent of the vote, and a plan to create a risk oversight committee received less than 4 percent of the vote.

The annual meeting was the company's first that did not include founder and former CEO Aubrey McClendon.

Chesapeake's new CEO Doug Lawler was introduced during the meeting, but he did not speak. Lawler officially takes control of the company Monday.

Since last year's meeting, Chesapeake has replaced seven of its eight directors, named a new CEO, sold billions in assets and changed its focus from gathering properties to developing the acreage it holds.

“This past year has been one of great change and great progress,” acting CEO Steve Dixon said Friday.

“Now is the time to develop core assets and focus on delivering strong financial performance. This is a natural and welcome progression for the company,” Dixon said.

The company plans to reduce its capital expenditures by 43 percent this year while increasing production by 2 percent, he said.

“We're on track to deliver strong operations performance this year,” Dixon said. “We're very pleased with our accomplishments to date.”

by Adam Wilmoth
Energy Editor
Adam Wilmoth returned to The Oklahoman as energy editor in 2012 after working for four years in public relations. He previously spent seven years as a business reporter at The Oklahoman, including five years covering the state's energy sector....
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I want to thank you for what you've done. It's spectacular how far you've come. It's remarkable what you've done in a year.”

Peter Hoffman,
Chesapeake shareholder

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