All CATEGORIES
☰ Menu
Ohio Utica Shale

Chesapeake Energy names Lawler to be new CEO

By Bob Downing Published: May 21, 2013

From the Associated Press:

Chesapeake Energy has named Anadarko Petroleum executive Robert Douglas Lawler as its new CEO.

The appointment of the 46-year-old Lawler comes after a tough year during which Chesapeake's board ousted its founder and the company worked to shore up its finances.

The new CEO takes over as Chesapeake continues selling assets to pare down an enormous debt burden. Chesapeake intends to sell $4 billion to $7 billion in assets this year. It has sold about $2 billion so far in deals that have either been signed or finalized.

Former CEO and Chairman Aubrey McClendon built Chesapeake into the nation's second largest producer of natural gas by aggressively acquiring drilling rights on land throughout the country. When natural gas prices slumped to decade-lows in early 2012, the value of those rights plummeted, as did the revenue generated from the gas produced from the land. That put Chesapeake in a financial bind that it has been trying to free itself from by selling drilling rights to other oil and gas companies.

It also exposed some controversial perks that McClendon had arranged, including the right to invest personally in all of the company's wells. Investor uproar in the spring of 2012 over the perks and the way McClendon financed his investments led the company to remove its founder from the position of board chairman.

Even though subsequent internal investigations into McClendon's activities turned up no improper conduct, the company announced early this year that McClendon would leave the company because of "philosophical differences" between McClendon and the board.

Lawler is senior vice president for international and deep-water operations at Anadarko Petroleum. He also will join the Oklahoma City-based Chesapeake's board. The appointments are effective June 17.

Lawler is a petroleum engineer with 25 years of experience in the exploration and production industry.

Chesapeake shares rose 1.5 percent to $20.57 in premarket trading Monday.

Print
Add This

SUBSCRIBE VIA RSS

OHIO.COM VIDEOS

See the most recent drilling report and an injection wells map From NewsOutlet.org

Utica and Marcellus shale web sites

Ohio Department of Natural Resources' Division of Oil and Gas Resources Management State agency Web site.

ODNR Division of Oil and Gas Resources Management. State drilling permits. List is updated weekly.

ODNR Division of Geological Survey.

Ohio Environmental Protection Agency.

Ohio State University Extension.

Ohio Farm Bureau.

Ohio Oil and Gas Association, a Granville-based group that represents 1,500 Ohio energy-related companies.

Ohio Oil & Gas Energy Education Program.

Energy In Depth, a trade group.

Marcellus and Utica Shale Resource Center by Ohio law firm Bricker & Eckler.

Utica Shale, a compilation of Utica shale activities.

Landman Report Card, a site that looks at companies involved in gas and oil leases.FracFocus, a compilation of chemicals used in fracking individual wells as reported voluntarily by some drillers.

Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.

Rig Count Interactive Map by Baker Hughes, an energy services company.

Shale Sheet Fracking, a Youngstown Vindicator blog.

National Geographic's The Great Shale Rush.

The Ohio Environmental Council, a statewide eco-group based in Columbus.

Buckeye Forest Council.

Earthjustice, a national eco-group.

Stop Fracking Ohio.

People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.

Concerned Citizens of Medina County, a grass-roots group.

No Frack Ohio, a Columbus-based grass-roots group.

Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.

Penn State Marcellus Center.

Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.

Allegheny Front, environmental public radio for Western Pennsylvania.