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Chesapeake CEO Sells Bulk Of Stock
posted 5:17 pm Fri October 10, 2008
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Oklahoma City - Aubrey K. McClendon, chief executive officer of Chesapeake Energy Corporation, has sold the bulk of his stock in the company over the past three days in order to meet margin loan calls.
The company, which announced the move Friday, did not disclose the size of the stock sale.
Calls to the company were not immediately returned.
McClendon said in a news release that he had been the company's largest individual shareholder and frequently purchased additional shares of stock on margin.
He said he looked forward to rebuilding his ownership position in the company.
Oklahoma City-based Chesapeake Energy Corporation is the largest producer of natural gas in the U.S.
Its stock closed Friday on the New York Stock Exchange at $16.52, down $1.19, well off the $74 top of its 52-week range.
The company, which announced the move Friday, did not disclose the size of the stock sale.
Calls to the company were not immediately returned.
McClendon said in a news release that he had been the company's largest individual shareholder and frequently purchased additional shares of stock on margin.
He said he looked forward to rebuilding his ownership position in the company.
Oklahoma City-based Chesapeake Energy Corporation is the largest producer of natural gas in the U.S.
Its stock closed Friday on the New York Stock Exchange at $16.52, down $1.19, well off the $74 top of its 52-week range.
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