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Oil Fundamentals Overturn Geopolitical Risk

Oil Fundamentals Overturn Geopolitical Risk

Geopolitical risk from Iraq and…

No Indications of Suicide in McClendon Death

McClendon

Following a two-month investigation, police have not found any evidence to suggest that former Chesapeake Energy CEO Aubrey McClendon’s death was a suicide.

McClendon perished on March 2nd when his vehicle struck a wall, only one day after he was indicted on allegations of rigging Oklahoma oil and gas lease prices. Oklahoma City Police Captain Paco Balderrama said that police have examined the wreckage and have interviewed McClendon’s family and associates. Balderrama said that there was nothing to indicate that the incident was anything beyond an accident.

The investigation also included McClendon’s emails and mobile phone records. The investigation’s conclusions do not rule out suicide, and do not give the manner of McClendon’s death. The crash report released in March indicated that McClendon apparently did not try to stop his SUV when the crash occurred. The report states that the SUV was traveling 78 miles per hour.

The indictment by a federal grand jury alleged that McClendon fostered a conspiracy between two oil and natural gas companies that agreed not to bid against one another. The indictment indicated that the alleged conspiracy suppressed prices paid to leaseholders. According to the indictment, the “winner” of the leases would then provide interests in the leases to the other company. The indictment also states that the conspiracy took place while McClendon was CEP of Chesapeake, which is based in Oklahoma.

Related: India Putting Floor Beneath Oil Prices As Demand Continues To Soar

McClendon was a co-founder of Chesapeake and was the company’s CEO until he was ousted by shareholders in 2013. Under McClendon, the company became the largest natural gas producer in the United States, and one of the most active drillers.

By Lincoln Brown for Oilprice.com

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