Chesapeake executive gets raise
Chesapeake Energy Corp. executive Steve Dixon is getting a raise to $975,000 a year as the company's acting CEO, according to a regulatory filing. Dixon will continue to serve as Chesapeake's executive vice president of operations and geosciences and chief operating officer in addition to his new duties as acting CEO. Chesapeake's board continues to search for a replacement for co-founder Aubrey McClendon, who stepped down as chief executive April 1. Dixon earned $860,000 a year before his promotion. His new position also gives him the opportunity to earn additional bonuses.
Judgment favors Chesapeake
A U.S. district judge has granted summary judgment in favor of Oklahoma City-based Chesapeake Energy Corp. in a class-action lawsuit over a 2008 secondary public offering of Chesapeake common stock. The lawsuit led by the United Food and Commercial Workers Union claimed Chesapeake left out of its stock offering registration statement key information, including a $2 billion noncash, after-tax loss from natural gas price hedges. Judge Timothy D. DeGiusti found that Chesapeake “did not violate any duty to disclose additional information and cannot be liable on this contention.” Chesapeake praised the ruling Thursday. “We respect the court's well-considered, detailed ruling in favor of the Chesapeake defendants,” said Robert Varion, Chesapeake's attorney.
Month stresses safe digging
Gov. Mary Fallin has declared April to be Safe Digging Month in Oklahoma. Fallin and the Oklahoma Corporation Commission's pipeline safety department reminded residents to call 811 or (800) 522-OKIE before starting any project that involves digging. “Oklahoma has certainly seen its share of injuries and loss of vital utility services that could have been prevented with just one call,” commission Chairman Patrice Douglas said.
LoneStar opens Houston branch
EDMOND — LoneStar Geophysical Surveys has opened a branch office in Houston to offer more specialized service to clients. Industry veteran R. Doak Anderson has been hired to head the seismic data acquisition company's Houston office.
Panhandle CEO nominated to board