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Hot or not


Gazette staff January 9th, 2013

The past year was an interesting one for Chesapeake Energy CEO Aubrey McClendon, and 2013 is shaping up to be an interesting one for his former partner, current SandRidge Energy CEO Tom Ward.

cfn3502_hot+copyCredit: Brad Gregg

The Wall Street Journal reported recently that McClendon will likely remain in place as CEO after an internal investigation of his financial dealings is completed later this month.

McClendon, you might remember, survived a shareholder revolt after revelations that he used his stake in oil and gas wells as collateral for more than $800 million in personal loans, as well as engaging in corporate strategies that left the company highly leveraged amid tumbling natural gas prices.

Of course, that probe is headed by Chesapeake board member and Oklahoma State University (which, according to the WSJ, got $2 million from Chesapeake last year) President Burns Hargis.

While McClendon appears to have dodged both frying pan and fire, if at least temporarily, tensions between Ward and his company shareholders are heating up.

Ward, who, like McClendon owns a stake in the Oklahoma City Thunder, is facing a shareholder revolt led by the hedge fund TPG-Axon Capital Management, which has accused SandRidge of reckless management.

The company’s stock has fallen 90 percent since its peak in 2008, noted The New York Times.

It appears Ward and McClendon have a lot more than Kevin Durant’s jump shot to talk about at those Thunder games.

 
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