Chesapeake Energy Corp. ousted its former chief executive Aubrey McClendon last April after a governance scandal and a liquidity crisis. But the former boss retains financial ties to the second-largest U.S. natural gas company, and he is using them to try to change company plans, Reuters reports. A firm run by McClendon is attempting to force Chesapeake to drill 12 multi-million dollar wells in Louisiana's Haynesville Shale at a time when Chesapeake is trying to rein in spending and cut debt to focus on other shales, according to a lawyer for Chesapeake.
General Electric Co plans to intensify research focusing on complex energy projects such as waterless fracking and gas turbine efficiency by earmarking an additional $10 billion through 2020 for its "ecoimagination" budget, Reuters reports. The company is building an oil and natural gas research center in Oklahoma City. Its research budget shows how reliant GE has become on the energy industry, its fastest growth area, as it works to become a dominant supplier of equipment and services to oil, natural gas and alternative power companies at a time when the United States undergoes an unprecedented energy boom.