Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on March 2, 2016
Oil exec Aubrey McClendon dies in car crash a day after indictment
A day after his indictment on bid-rigging charges, Aubrey McClendon, the former chief executive of Chesapeake Energy Corp., died Wednesday morning in a car crash in Oklahoma.
An Oklahoma City police spokesman said the 56-year-old, also a part-owner of the NBA’s Oklahoma City Thunder, was speeding and “drove straight into the wall” when he was killed in a single-car crash.
Capt. Paco Balderrama said McClendon crossed the center line, drove into a grassy area and crashed into a wall at about 9 a.m. Wednesday.
“He pretty much drove right into the wall,” Balderrama said. “There was plenty of opportunity for him to correct and get back on the road but that did not occur.”
Police are still investigating the single-vehicle crash, and said it was too early to say whether it was intentional. Balderrama said McClendon was not wearing a seat belt and was driving above the speed limit of 50 mph.
The victim in this morning’s fatal crash has been identified as 56-year-old Aubrey McClendon. https://t.co/JRCvrublhh
— OKC Police Dept (@okcpd) March 2, 2016
McClendon was indicted Tuesday on a federal charge of conspiring to rig bids to buy oil and natural gas leases in northwest Oklahoma.
The Department of Justice said in a statement that McClendon orchestrated a scheme between two large energy companies, which are not named in the indictment, from December 2007 to March 2012. The companies would decide ahead of time who would win bids, with the winner then allocating an interest in the leases to the other company, according to the statement.
McClendon denied violating antitrust laws on Tuesday.
“The charge that has been filed against me today is wrong and unprecedented,” McClendon said in the statement. “Anyone who knows me, my business record and the industry in which I have worked for 35 years, knows that I could not be guilty of violating any antitrust laws. All my life I have worked to create jobs in Oklahoma, grow its economy, and to provide abundant and affordable energy to all Americans. I am proud of my track record in this industry, and I will fight to prove my innocence and to clear my name.”
The indictment, filed in U.S. District Court for the Western District of Oklahoma, does not name anyone else alleged to be involved.
Leasehold interests usually include the right to develop the land and to extract oil and natural gas for a period of time, typically three to five years.
A Department of Justice spokesman declined to comment Wednesday on the status of the case.
“His actions put company profits ahead of the interests of leaseholders entitled to competitive bids for oil and gas rights on their land,” said Assistant Attorney General Bill Baer of the Department of Justice’s Antitrust Division. “Executives who abuse their positions as leaders of major corporations to organize criminal activity must be held accountable for their actions.”
Oklahoma City-based Chesapeake said it is cooperating with the investigation.
“Chesapeake does not expect to face criminal prosecution or fines relating to this matter,” company spokesman Gordon Pennoyer said in a statement. “Chesapeake has taken significant steps to address legacy issues and enhance legal and regulatory compliance throughout the organization.”
The company on Wednesday noted McClendon’s death with this statement: “Chesapeake is deeply saddened by the news we have heard today and our thoughts and prayers are with the McClendon family during this difficult time.”
McClendon stepped down in 2013 at Chesapeake and founded American Energy Partners, where he currently serves as chairman and chief executive officer.
Forbes estimated his net worth at $1.2 billion in 2011. More recently, following a collapse in the global energy market, the total value of his personal holdings was estimated at $500 million by the website Celebrity Net Worth.
“I’ve known Aubrey McClendon for nearly 25 years,” the oil patch billionaire T. Boone Pickens said in a statement Wednesday. “He was a major player in leading the stunning energy renaissance in America. He was charismatic and a true American entrepreneur. No individual is without flaws, but his impact on American energy will be long-lasting.”
McClendon could frequently be spotted in his courtside seats near the Thunder bench in the arena named after the company he founded in 1989 with his friend, Tom Ward, with an initial $50,000 investment. They eventually grew Chesapeake into one of the largest independent producers of natural gas in the United States. He left the company in January 2013 amid philosophical differences with a new board of directors, and founded American Energy Partners, where he was chairman and CEO.
“Aubrey’s tremendous leadership, vision, and passion for the energy industry had an impact on the community, the country, and the world,” AEP said in a statement. “We are tremendously proud of his legacy and will continue to work hard to live up to the unmatched standards he set for excellence and integrity.”
McClendon was renowned for his aggression and skill in acquiring oil and gas drilling rights. As drillers learned to unlock natural gas from shale formations over the last decade, McClendon pushed the company to acquire enormous tracks of land in several states. The strategy landed the company promising assets, boosted the company’s own production and helped fuel the national boom in natural gas production. But it saddled Chesapeake with enormous debt.
Chesapeake eventually became victim of its own success. Natural gas prices plummeted along with all the new drilling by Chesapeake and its peers, reducing revenues for the company and making the debt harder to repay.
Chesapeake’s 20-acre campus sprawls through an exclusive area of Oklahoma City, its Georgian-style brick buildings surrounded by manicured lawns and sycamore and elm trees.
26 Comments on "Oil exec Aubrey McClendon dies in car crash a day after indictment"
geopressure on Wed, 2nd Mar 2016 7:28 pm
Wow… That’s absolutely crazy!!! What an interesting life… I hope that I can climb that high…
paulo1 on Wed, 2nd Mar 2016 7:44 pm
One solution to failure, I suppose. It might even beat disgrace, humiliation, and jail. Pretty shitty for the family, though.
From the MASH theme song:
That suicide is painless
It brings on many changes
I can take or leave it if I please
That suicide is painless
It brings on many changes
And you can do the same thing if you please
Manic Street Preachers – Theme From M.a.s.h. (suicide Is Painless) Lyrics | MetroLyrics
Northwest Resident on Wed, 2nd Mar 2016 9:02 pm
If it is ruled an accident, his family collects on life insurance. If it is ruled a suicide, then probably not. Chances are good this guy looked a ways into the future and could see the lawsuits, the family fortune destroyed, the nonstop legal battles, etc… and decided to save his family, friends and himself from that fate. But it could also be that Hillary Clinton ordered his murder to hide their secret love affair…
Nony on Wed, 2nd Mar 2016 11:18 pm
The guy was one of my personal Hero’s
Apneaman on Wed, 2nd Mar 2016 11:44 pm
Good riddance to another rapicious cancer monkey. Hero? I don’t think so. Heroes are people who make sacrifices for the common good – do something they would rather not do that goes against all natural instinct. Above and beyond the normal. This fuck is just one more soon to be forgotten self serving criminal exploiter 1%er. There’s been millions of them through the ages that no one remembers or ever will – maybe a footnote in an obscure industry history book because of the last minute drama.
joe on Thu, 3rd Mar 2016 12:00 am
Suicide is the ultimate selfish act. To murder yourself ensures your own place in hell. He obviously tried to see himself as more than he was. He must have made the mistake (that most liberals do) of seeing his own greedy activites in the context of a social good. When that false notion was challanged by the law, he couldnt face the fact that the lies he told himself would disappear. He would be alive now if he was more like Trump in his views. I wonder if Trump might fall into this trap as well though.
A greedy 1%er should know his/her place. The truth about their greed and depravity should not blind them. They are devils, not angels.
Apneaman on Thu, 3rd Mar 2016 12:12 am
joe, I bet if trump knew he was going down for all the lying and cheating he’s done and was going to spend the rest of his days in prison being passed around as a Mexican mafia fuck toy, he might decide to go for the final joy ride too?
GregT on Thu, 3rd Mar 2016 12:42 am
“Wow… That’s absolutely crazy!!! What an interesting life… I hope that I can climb that high…’
You can. Most vehicles nowadays are more than capable of doing 50 mph, and there are plenty of concrete walls around to drive them into.
Apneaman on Thu, 3rd Mar 2016 12:51 am
http://www.reuters.com/news/picture/energy-pioneer-mcclendon-dies-in-fiery-c?articleId=USKCN0W42ME&slideId=1121923486
GregT on Thu, 3rd Mar 2016 1:02 am
And here I thought that vehicles usually only exploded in the movies. Must of been quite the old clunker he was driving. I wonder how well he knew the local coroners office?
q on Thu, 3rd Mar 2016 2:21 am
The end of this crook symbolize the end of whole fracking industry.
q on Thu, 3rd Mar 2016 2:23 am
http://www.rollingstone.com/politics/news/the-big-fracking-bubble-the-scam-behind-the-gas-boom-20120301
charmcitysking on Thu, 3rd Mar 2016 2:59 am
Rolling Stone’s a great place to get energy news *yawn*
Will this clown rise from the dead when fracking booms again following a spike in oil price?
q on Thu, 3rd Mar 2016 3:35 am
The author of the story in Rolling Stone nailed it back in 2012. Better than many sites specialised on energy news.
theedrich on Thu, 3rd Mar 2016 3:55 am
Suicide is the ultimate consequence of devoting oneself totally to material goodies. A fact that applies not just to individuals but to whole populations as well.
Davy on Thu, 3rd Mar 2016 7:21 am
I would have to say hell is here on earth so who cares about the eternal domination theme. I know nature could give a shit if this guy was Mother Teresa or Jim Jones. In any case death will teach us all this truth in the end. Aubrey is dead and the crying is for the family. This guy may have been a great family guy and that is what matters. His business acts are actions that are routine and normal in this day and age. That some of these actions are considered worth prosecution or not is not based on rule of law these days but policy motives. We don’t have enough prison space for all the criminals.
Moral Hazard is systematic and institutional at all levels. Life has become one big relative goo. The class warfare lust is part of the same moral hazard. Where does your mini French Revolution stop assholes? Class warfare idiots would kill their mom for the right reasons. It is called deadly serious passions of resentment, hatreds, and the desire for self-importance.
As for suicide the action should be treated with more respect in the age we are entering. We are just now entering the end of industrial man which should be classified the age of death by Nature. The manifestations of the end of industrial man is death over births. Pain, suffering, and dying are now set to become the dominant theme of this end time. We will rebalance with population and consumption and pay the consequences.
Suicide, if done properly and respected, is an effective way to accommodate the worst of the age ahead. Those too old, terminally sick, suffering deprivations, and or unlucky with injuries are going to be left to die. Our ability to save each other will be greatly reduced in an age of collapse. Suicide should be a humanitarian option. I don’t mean institutionalized suicide by government, we all know where that could go but personal and within the family. We know painless ways to do it. Some whiskey and helium is all you need. If you can’t find helium a person that positions a pillow right in your drunken stupor will do the trick. A gun is always a quick way for those who like to be decisive. Psychologically death will never be easy but take away the horror of the physical pain and include some kind of dignity then suicide can be made respectable. We are going to rebalance an order of magnitude of population in a generation or less. Tell me how you can shake a finger at suicide?
Many more Aubreys are going to die at their own hands because those at the top fall the farthest. They have so much to lose and what other want. They are the war pigs who lust for battle. These people are in the radar. This is why I say the meek will inherit the earth. It is those who have the things and or the power that will die and kill each other off in the cataclysm ahead. I say cataclysm but I mean this in a slow, a fast and or in a combination. What is the difference if this is a searing or a slow boil? It will be the haves who die off leaving those with little or nothing that no one cares about that survive left to gather up what is left. It is nature’s way just as the little tiny mammal survived the catastrophe that killed off the dinosaurs. Same principal different day.
JuanP on Thu, 3rd Mar 2016 8:24 am
Good riddance! But I congratulate this guy on committing suicide. I Suicides and assisted suicides should be legalized globally. I feel more respect for someone who goes like this than for most people who fight their death like psychos. I hope we lived in a society where he could have been helped to die in a less traumatic and violent way, but that is not what we are as a species. Still, a good way to go.
As far as collecting insurance goes, that varies from one state or country to another. In Florida, USA, where I have my life insurance policies, your beneficiaries will collect there payment in case of suicide if the policy is older than two years.
steveo on Thu, 3rd Mar 2016 8:33 am
He saved the government the cost of a trial.
bug on Thu, 3rd Mar 2016 9:16 am
He was a job creator. The cops, firemen, emds, coroner’s office and tow truck company are forever grateful for creating good jobs at the crash site.
Forgot about the casket maker, graveyard,
and funeral home director.
Nony on Thu, 3rd Mar 2016 9:56 am
Aubrey had a history of dishonesty. So did/does Tom Ward. Harold Hamm was defrauded by them:
http://www.forbes.com/sites/christopherhelman/2011/01/31/chesapeake-energy-lawsuits-pit-billionaire-against-billionaire/#585e1a0c3f63
P.s. The Nony above is my login stealer. (“Hero’s” contains two grammar nits.) Although maybe it is a meta-troll and he is making fun of my poor writing?
makati1 on Thu, 3rd Mar 2016 10:18 pm
bug, it all adds to the national GDP. Deaths are a plus for the government.
green_achers on Thu, 3rd Mar 2016 11:12 pm
He died the way he lived: wasting resources, causing destruction, oblivious to the risk it placed on anyone else, and leaving a mess for others to clean up.
Go Speed Racer on Fri, 4th Mar 2016 3:36 am
Bill and Hillary Clinton took him out. Made it look like a suicide. Car was radio controlled.
charmcitysking on Fri, 4th Mar 2016 3:44 am
Not a chance this was a suicide.
This guy was one of the richest O&G executives in the United States. He could have afforded an army of lawyers to fight his case, or at least get a reduction of charges through a plea deal.
Another scumbag member of the American Deep State who got bumped off as a precautionary. His 2013 Chevy Tahoe exploded on impact in the same way that ‘office fires’ brought Building 7 down.
Apneaman on Fri, 4th Mar 2016 4:49 am
Loss of status
Legal troubles
Financial troubles
3 very common reasons for suicide.
Happens everyday.
“There is one death by suicide in the US every 12.3 minutes.”
“In 2014, there were 42,773 deaths by suicide in the United States. Suicide is the 10th leading cause of death; homicide ranks 17th.”
“The highest increase in suicide is in males 50+ (30 per 100,000).”
http://www.save.org/index.cfm?fuseaction=home.viewPage&page_id=705D5DF4-055B-F1EC-3F66462866FCB4E6
No grand conspiracy theories needed.
Davy on Fri, 4th Mar 2016 6:31 am
In 2009, there were approximately 238,000 deaths in Canada, of which 3,890 were attributed to suicides. This resulted in a suicide rate of 11.5 deaths per 100,000 people.
Suicide rates: An overview
http://www.statcan.gc.ca/pub/82-624-x/…/11696-eng.htmStatistics Canada