On March 2, 2016, energy mogul Aubrey McClendon drove his Chevrolet Tahoe straight across a concrete bridge at 88 mph. He wasn’t wearing a seat belt, so the SUV caught fire. McClendon died prematurely.
shocking news. Not just in Oklahoma City, but across the country. At 56, he was the director of the airline. In 2008, McClendon was the tallest CEO of all SandP 500 companies with total compensation of $112 million. At the peak of his career, Aubrey was worth about $1 billion. He is one of the largest landowners in the United States, owning 100,000 acres. He owns 20% of the NBA Oklahoma City Thunder.
Aubrey McClendon had everything. Then what is this tragic ending?
McClendon was indicted by a federal grand jury the day before Aubrey’s death on March 1. During his tenure as CEO of Chesapeake Energy, he was charged with violating antitrust laws from 2007 to 2012. People who know McClendon say he is a cheerful, upbeat and outgoing person. But in the end, his life was on fire.
McClendon co-founded Chesapeake Energy, which is made by the second-largest gas producer. Only Exxon-Mobile is great. He has a bigger personality than he actually is. He is smart, ambitious and not a leader. He was a controversial pioneer in the shredder industry.
youth McClendon grew up in Oklahoma. He was a co-battery who was the chairman of the upper class in high school. He dated Duke, from which he met his future wife Katie en Upton Byrns. He has a bachelor’s degree in history and a bachelor’s degree in accounting. After graduating from college, I worked as an accountant for the first time. And one day he read an article in The Wall Street Journal that two men sold their stake to an energy company for $ 100 million. He got a job at the Jaytex Oil and Gas company from his uncle Aubrey Kerr. He left his job in 1982 and started his own business.
Chesapeake Energy In 1989, McLendon and his friend Tom Ward founded Chesapeake Energy for $ 50,000. He is 29 years old They rent abandoned land to a major oil company. They chose the name of the company. If it fails, you can avoid more than the name McClendon Ward.
McClendon was one of the first to use the controversial crushing method to eliminate natural gas stores in moonshine rocks. Drill into the formation at the surface of Chesapeake and destroy it with explosives, allowing water and sand to be pumped to crack and extract gas. Hydraulic fracturing is suspected of poisoning drinking water, polluting the air and causing an earthquake. However, he is also known to have reduced US dependence on foreign oil.
Chesapeake Energy was launched in 1993. At the time, the company’s market capitalization was $25 million. Chesapeake flourished over the next few years. In 1997, they faced the frustration when one of the Chesapeake’s main oilfields did not produce as expected. McLendon tried to sell the business in 1998, but there were no buyers. This worked when natural gas prices rose in the early 2000s.
America’s Most Reckless Millionaire Ten years after Chesapeake’s lowest point, until 2008, McClendon was CEO of all SandP 500 companies offering compensation of $ 112 million. That same year, he learned that his inventory was not worth loaning out on margin. He had to sell most of the 31.5 million shares of Chesapeake’s total 94%. In 2009, the company offered McClendon a five-year holding contract and a $ 75 million bonus. In a 2011 cover story, Forbes called McClendon “America’s most reckless millionaire” and referred to his high risk tolerance and recklessness when he sold stocks in 2008.
Chesapeake has reduced America’s dependence on foreign oil, which has led to a drop in oil prices. McClendon also borrowed heavily to grow his business. He used more than $1 billion in personal loans to cover drilling costs. He was having trouble getting a loan from a conflict of interest lender, Chesapeake. I was unemployed in 2012. After being fired, McClendon chose to continue investing in Chesapeake Wells. In April 2013, McClendon founded American Energy Partners, LP (AELP), an oil and gas company.
Over the next two years, he employed more than 600 people and received $15 billion in stock and debt. In February 2015, Chesapeake sued and sued Macuredon for illegally misusing the company’s data about available land after being fired. autumn On March 1, 2016, Macedon was charged by a federal grand jury for violating antitrust laws.
McClendon has been accused of manipulating the bidding process to reduce rents from oil and gas mining sites.
Aubrey McLendon denies all charges and states that he has been working for 35 years, supplying energy, creating jobs and supporting the Oklahoma economy throughout the country. He said: “Today’s accusations against me are false and unprecedented.
I have been selected in the oil and gas industry for over 110 years since the Sherman Act was passed as part of a rental agreement.” The then prosecutor-general partially stated: “Managers who misuse managers in large corporations to organize criminal acts must take responsibility for their actions.” The next day, Aubrey McLendon boarded the Chevrolet Tahoe and drove the concrete embankment at 88 mph.
Police report: “He was about to hit a wall. According to information from the scene, he walked from the centre to the left and crossed the grassland just before hitting the embankment. He had many opportunities to correct his mistakes and return to the road, but that didn’t happen. ” On March 3, 2016, the Justice Department filed a motion dismissing McClendon’s charges. A truly disastrous ending.