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McClendon review timeline

McClendon review timeline
Published: February 20, 2013

Aubrey McClendon review timeline

• 1993: Chesapeake completes its initial public offering. The Founders Well Participation Program is included in the employment contracts for founders Aubrey McClendon and Tom Ward that allows each man to buy a stake in every well the company operates.

• 1998: McClendon receives a personal loan from then-Chesapeake director Frederick B. Whittemore.

• 2004: McClendon and Ward begin the $200 million Heritage Hedge Fund that operated out of Chesapeake's headquarters until 2007.

• 2008: Slumping energy prices amid an economic collapse force McClendon to sell nearly all of his Chesapeake stock. The board's decision to later award him a $75 million bonus prompts criticism.

• 2008: McClendon begins taking out personal loans that total more than $1.1 billion from Chesapeake lender EIG Global Energy Partners.

• 2010: Chesapeake and Encana Corp. compete for leases in Michigan. The U.S. Department of Justice is investigating possible antitrust violations between the two companies.

• 2011: Chesapeake receives $1.25 billion in private equity financing from EIG Global Energy Partners for a piece of its Utica Shale play in Ohio.

• April 2012: A series of reports by Reuters uncovers some personal financial dealings of McClendon, including revelations he borrowed at least $1.2 billion against his ownership stake in Chesapeake wells.

• June 2012: Archie Dunham, former CEO of Conoco Inc., takes over as chairman and announces a board review of McClendon's financial deals, including loans from banks also doing business with Chesapeake. A board shake-up at the annual meeting leads to four other new directors.


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