6 am: 48°FMostly Sunny

8 am: 51°FSunny

10 am: 62°FSunny

12 pm: 70°FSunny

More Weather

Chesapeake Energy reveals SEC probe into CEO perks

Mar. 02, 2013 @ 12:26 AM

OKLAHOMA CITY -- Chesapeake Energy Corp. and outgoing CEO Aubrey McClendon are being investigated by the Securities and Exchange Commission about a perk that allows McClendon to invest personally in the company's oil and gas wells.

Chesapeake revealed the investigation Friday in its annual 10-K report filed with the SEC.

According to the report, the SEC opened an investigation in December, stepping up what had begun as an informal inquiry started in May.

The probe is looking into a deal that McClendon, who founded Chesapeake in 1989, has long had with the company that allows him to invest personally in the oil and gas wells the company drills.

(u'addcomment', u'nobuy')

Comments

The Herald-Dispatch welcomes your comments on this article, but please be civil. Avoid profanity, obscenity, personal attacks, accusations of criminal activity, name-calling or insults to the other posters. Herald-dispatch.com does not control or monitor comments as they are posted, but if you find a comment offensive or uncivil, hover your mouse over the comment and click the X that appears in the upper right of the comment. If you do not want your comment to post to your personal Facebook page, uncheck the box below the comment.