RIP Aubrey McClendon

[Tremor14]

http://kfor.com/2016/03/02/police-former-ceo-of-chesapeake-aubrey-mcclendon-killed-in-car-accident/

“He pretty much drove straight into the wall,” Balderrama said. “The information out there at the scene is that he went left of center, went through a grassy area right before colliding into the embankment. There was plenty of opportunity for him to correct and get back on the roadway and that didn’t occur.”

The accident occurred less than 24 hours after McClendon was indicted by a federal grand jury.

On Tuesday, the Department of Justice announced that Aubrey McClendon was charged with conspiring to rig bids for the purchase of oil and natural gas leases in northwest Oklahoma.

The indictment claims that McClendon orchestrated a conspiracy between two large oil and gas companies to not bid against each other for oil and natural gas leases in northwest Oklahoma.

The conspiracy allegedly ran from December 2007 to March 2012, during which time he was CEO of Chesapeake Energy.

[slow99]

Hell of a way to take yourself out. I'm assuming he did it that way for life insurance purposes.

[TexasPyro]

My money is that he is sitting on a beach somewhere. He had enough resources to pull this off, he knew he was screwed.

[Sean88gt]

Him and Ken Lay are doing the Eiffel Tower with some chick on Rich Asshole Island.

[Ruffdaddy]

Why cant all those crooks take this route?

[Tremor14]

I wish Strychnine were here to give some industry insider info...

[svauto-erotic855]

"Conspiracy between two large oil and gas companies to not bid against each other for oil and natural gas leases".

Why is the above even a crime? Replace the word conspiracy with contract or agreement and it is just another business transaction.

[Tremor14]

that would depend who all was in contract or agreement. they obviously left someone out of the deal.

[LANTIRN]

"Conspiracy between two large oil and gas companies to not bid against each other for oil and natural gas leases".

Why is the above even a crime? Replace the word conspiracy with contract or agreement and it is just another business transaction.

I don't get it either. I understand the idea was to keep the prices of the leases low, but I don't get how it is illegal to say "yeah, we don't want to bid on that." I am sure we are missing some detail. With just that info we have, you and I not bidding on an oil lease is illegal? I don't get it. But I don't get a lot of things when it comes to laws and legalese.

[GrayStangGT]

Just go do some reading on Aubrey McClendon and this comes as no surprise, the guy was always pushing the ethics envelope and involved in lots of shady dealings.

Good read if you're bored.

http://www.forbes.com/sites/christopherhelman/2015/05/27/aubrey-mcclendon-frackings-cowboy-rides-again/#14852c2a3834

[TRAILBLAZER]

with a personal net worth of $1.2 billion.

and he is driving a 2013 Tahoe ?

[LANTIRN]

Just go do some reading on Aubrey McClendon and this comes as no surprise, the guy was always pushing the ethics envelope and involved in lots of shady dealings.

Good read if you're bored.
http://www.forbes.com/sites/christop.../#14852c2a3834

Ok that explains a lot. Before I left the oil field we did quite a bit of business witb AEP when they started drilling out there. They were spending money like drunken sailors after the peak and continued to do so as it declined. The kept throwing money at shit like there was no tomorrow when everyone else was scaling back and being very cautious on what producers they put money into. We had only done an odd job or two for Chesapeake that I can recall and I never realized the same guy founded (or co founded) both. That article des explain alot about what I saw on thse AEP leases though.

Dude seems like a shady character for sure. I am still not sure that I agree with someone agreeing to not bid on shit being illegal, but I know there are reasons for those laws from when companies were basically doing the opposite to drive prices up a long time ago. I am sure there are even more details that haven't been made public yet as to exactly what was said or done. However, even though some of that seems iffy, it does seem as though he stole property from Chesapeake before he left and used it against them. Even if he started the company he obviously no longer had control if a board fired him, and if that was the case you know at some point he signed something saying their sht belonged to them like the maps, customer contacts, pricing, or whatever else he took. So yeah it seems he did some shady stuff. Some of that seems like it would be easily fixed by paying Chesapeake back what they want since no one wants to go to court for all that stuff, but the article sounded like he intended to fight that, plus whatever else he was charged with before he took a fast drive into a wall. There is alot of shady stuff that happens in the oil field so this isn't a surprise. All that money and profit gets the best of some people.

[Unicorn Jeff]

with a personal net worth of $1.2 billion.

and he is driving a 2013 Tahoe ?

Probably picked it up on a used car lot.

[SBFORDTECH]

with a personal net worth of $1.2 billion.

and he is driving a 2013 Tahoe ?

More than likely belonged to American Energy Partners, they have "a few" Tahoes.

[LANTIRN]

with a personal net worth of $1.2 billion.

and he is driving a 2013 Tahoe ?

Most mllionares I ran into in the oil field were owners or part owners of smaller companies, and most of them did not drive brand ne vehicles, at least to work. They had nice newish vehicles, but you have to remember even the owners get dirty occasionally if even by accident, there are rock trucks, dirty rigs, accidenntal sprayings caused by loose pipe joints, mud, brush that scratches pant, etc. Most of them drove a 4x4 pickup or suv that was a few years old. Not saying they didn't have new toys in the garage at home and I bet most of the wives drove something new and nice, but on the lease most of them did not. Funny enough though most of the brand new raptors or lifted diesal trucks and shit I saw were driven by guys who weren't millionares.