Market slide wipes out CEO’s Chesapeake holdings

BY DON MECOY Published: October 11, 2008

"Aubrey wants to see Oklahoma grow and prosper, and through his generosity and philanthropy has done that, not just through Chesapeake Energy and the corporation, but personally and directly,” Price said. "And when the situation has righted itself, he will continue to demonstrate his leadership and charitable heart.”

‘My confidence ... remains undiminished’
Despite his losses, McClendon, 48, said he still believes in Chesapeake, the nation’s largest producer of natural gas.

"I have been the company’s largest individual shareholder for the past three years and frequently purchased additional shares of stock on margin as an expression of my complete confidence in the value of the company’s strategy and assets,” McClendon said in his statement. "My confidence in Chesapeake remains undiminished, and I look forward to rebuilding my ownership position in the company in the months and years ahead.”

Bob Rader, senior vice president of Capital West Securities, said he was saddened by McClendon’s loss.

"It’s unfortunate, but that’s personal,” Rader said. "It doesn’t affect the company.”

McClendon remains among the nation’s highest-paid executives, earning a compensation package last year valued at $25.5 million.

Chesapeake announced on Friday that it is planning to sell assets and cut back on its land-leasing program that has fueled the company’s impressive growth.

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