Pioneering Oklahoma energy CEO dies in fiery car crash
OKLAHOMA CITY (AP) — Energy tycoon Aubrey McClendon earned a reputation as a pioneer, backing new drilling technology, building Chesapeake Energy into one of the nation's largest independent producers of natural gas and accumulating a fortune that helped him buy part of an NBA team.
McClendon, who co-founded Chesapeake Energy and served as its CEO before stepping down in 2013, was accused Tuesday of orchestrating a scheme between two large energy companies, which were not named in an indictment, from December 2007 to March 2012.
McClendon, part owner of the Oklahoma City Thunder, was renowned for his aggression and skill in acquiring oil and gas drilling rights.
The strategy landed the company promising assets, boosted its own production and helped fuel the national boom in natural gas production.
Natural gas prices plummeted along with all the new drilling, reducing revenues for the company and making the debt harder to repay.