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Oklahoma energy briefs for May 24, 2013

Oklahoma energy briefs for May 24.
Published: May 24, 2013


CEO's compensation package told

New Chesapeake Energy Corp. CEO Doug Lawler will be paid $1.25 million a year, with the opportunity to earn three times as much in bonuses, according to a regulatory filing. Lawler, 46, also will receive $10.5 million worth of stock this year. Lawler, an executive at Anadarko Petroleum Corp. in Houston, will start his new job June 17. Lawler will receive a signing bonus of $2 million in cash and as much as $12.5 million in stock from Chesapeake to make up for the loss of unvested equity awards at Anadarko.

Chesapeake settlement upheld

The Oklahoma Court of Civil Appeals has cleared the way for Chesapeake Energy Corp. to settle a lawsuit filed by several institutional investors after the company's board paid a $75 million bonus to former CEO Aubrey McClendon in 2008 after its stock price plummeted. The appeals court on Thursday affirmed the January 2012 settlement approved by an Oklahoma County judge after Chesapeake adopted “significant” governance reforms. McClendon also agreed to buy back his antique map collection for $12 million plus interest. Chesapeake also will pay $3.75 million in plaintiffs' attorneys' fees. The settlement had been held up by objections from two Chesapeake shareholders, but the appeals court agreed the settlement was fair.

Companies nominated for honor

Two of largest utility companies serving Oklahoma are finalists for the 2013 Edison Award, the electric power industry's most prestigious honor. Oklahoma Gas and Electric Co. and American Electric Power, parent company of Tulsa-based Public Service Co. of Oklahoma, are among four finalists for the U.S. Edison Award, the Edison Electric Institute announced Thursday. The companies were nominated by a committee of energy trade publication editors for their distinguished leadership, innovation and progress in advancing the electric power industry.

Stake in wind farm increases

Enel Green Power North America Inc. has boosted its stake in northern Oklahoma's Chisholm View wind farm for about $47 million, the company said Wednesday. Enel Green signed an agreement to purchase an additional 26 percent of the 235-megawatt wind farm from a subsidiary of GE Capital. The deal means Enel Green owns 75 percent of the “Class A” interests in the Chisholm View wind farm, which is in Garfield and Grant counties.

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