• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Does Toyota Know Something That We Don’t?
  • 4 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 22 hours World could get rid of Putin and Russia but nobody is bold enough
  • 1 hour America should go after China but it should be done in a wise way.
  • 4 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 3 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 3 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 4 days Putin and Xi Bet on the Global South
  • 4 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 5 days United States LNG Exports Reach Third Place
  • 5 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

Chicago Files Suit Against Big Oil

UK Battery Storage Firms Wrestle with Financial Turmoil

UK Battery Storage Firms Wrestle with Financial Turmoil

UK battery storage investment trusts,…

Solar Panel Waste is Becoming a Big Problem

Solar Panel Waste is Becoming a Big Problem

Despite regulations mandating proper disposal,…

Chesapeake Poaches Anadarko Senior Executive to Take CEO Position

After a three month search, Chesapeake Energy Corp. (NYSE: CHK), the second largest natural gas producer in the US, announced on Monday that it has found a suitable replacement for the position vacated by Aubrey McClendon in April; and they have poached their new chief executive officer from no less than rival Anadarko Petroleum Corp.

Robert Douglas Lawler, the senior vice president of international and deepwater operations at Anadarko (NYSE: APC), will take over as CEO of Chesapeake on the 17th of June.

Lawler, who worked for 25 years at Anadarko and Kerr-McGee (before Anadarko bought them out in 2006), is a petroleum engineer with experience in onshore and offshore wells, with Anadarko’s LNG project in Mozambique being one of his latest big projects.

Related article: Finding Bargains in North America’s Hottest Shale Plays

Fadel Gheit, an analyst at Openheimer, said that Lawler “is coming into a company that has serious challenges. It's a mine field that he has to navigate through, but he's very experienced and I feel he will live up to the challenge.”

One of the main problems that Lawler must address is Chesapeakes debt, which after several years of low natural gas prices, coupled with heavy spending to secure properties in shale formations, has left the company $13 billion in debt.

After McClendon was stripped of his position, investors O. Mason Hawkins of Southeastern Asset Management, and Carl Icahn took control of the board, introducing severe spending cuts, and focusing drilling operations on the highest producing fields.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News