Chesapeake Energy Corporation Establishes Office of Chairman
Appoints Steven C. Dixon Acting Chief Executive Officer
OKLAHOMA CITY -- March 29, 2013
Chesapeake Energy Corporation (NYSE: CHK) today announced that its Board of
Directors has established a three-person Office of the Chairman while
continuing its previously announced CEO search process with the assistance of
Heidrick & Struggles.
The Office of the Chairman includes: Archie W. Dunham, Non-Executive Chairman
of the Board; Steven C. Dixon, who has been named Acting Chief Executive
Officer in addition to his continuing role as Chief Operating Officer; and
Domenic J. Dell’Osso Jr., Chief Financial Officer. Mr. Dixon has served as
Executive Vice President and Chief Operating Officer since 2006 and has held
various senior operational positions since joining Chesapeake in 1991. Mr.
Dell’Osso has served as Executive Vice President and Chief Financial Officer
since 2010 after serving in various financial roles since 2008.
As part of Chesapeake’s previously announced succession plan, the members of
the Office of the Chairman have been working closely to transition oversight
of strategic, operational, and financial matters as well as certain day-to-day
management responsibilities from Chief Executive Officer Aubrey K. McClendon,
who has previously agreed with the Board to retire on April 1, 2013.
Archie W. Dunham, Chairman of the Board, said, “Chesapeake continues to
perform well and is successfully executing our strategy to increase liquids
production, drive capital efficiencies across the business, and enhance
financial flexibility to prudently fund growth. Steve and Nick are both
playing key leadership roles as the company accelerates the realization of the
substantial intrinsic value of our world-class oil and gas assets for the
benefit of all Chesapeake stakeholders.”
Conference Call Information
A conference call to discuss this release and to provide an operational update
has been scheduled for Monday, April 1, 2013 at 8:30 am EDT. The telephone
number to access the conference call is 913-312-1516 or toll-free
888-778-9065. The passcode for the call is 4764790. We encourage those who
would like to participate in the call to place calls between 8:20 and 8:30 am
EDT. For those unable to participate in the conference call, a replay will be
available for audio playback at 1:00 pm EDT on Monday, April 1, 2013 and will
run through midnight Monday, April 15, 2013. The number to access the
conference call replay is 719-457-0820 or toll-free 888-203-1112. The passcode
for the replay is 4764790. The conference call will also be webcast live on
Chesapeake’s website in the “Events” subsection of the “Investors” section of
the company’s website. The webcast of the conference will be available on the
company’s website for one year.
Chesapeake Energy Corporation (NYSE:CHK) is the second-largest producer of
natural gas, a Top 11 producer of oil and natural gas liquids and the most
active driller of new wells in the U.S. Headquartered in Oklahoma City, the
company's operations are focused on discovering and developing unconventional
natural gas and oil fields onshore in the U.S. Chesapeake owns leading
positions in the Eagle Ford, Utica, Granite Wash, Cleveland, Tonkawa,
Mississippi Lime and Niobrara unconventional liquids plays and in the
Marcellus, Haynesville/Bossier and Barnett unconventional natural gas shale
plays. The company also owns substantial marketing and oilfield services
businesses through its subsidiaries Chesapeake Energy Marketing, Inc. and
Chesapeake Oilfield Operating, L.L.C. Further information is available at
www.chk.com where Chesapeake routinely posts announcements, updates, events,
investor information, presentations and news releases.
This news release includes "forward-looking statements" that give Chesapeake's
current expectations or forecasts of future events. Although we believe the
expectations and forecasts reflected in our forward-looking statements are
reasonable, we can give no assurance they will prove to have been correct.
They can be affected by inaccurate assumptions or by known or unknown risks
and uncertainties, and actual results may differ from the expectation
expressed. We caution you not to place undue reliance on our forward-looking
statements, which speak only as of the date of this news release, and we
undertake no obligation to update this information.
Chesapeake Energy Corporation
Jeffrey L. Mobley, CFA, 405-767-4763
Gary T. Clark, CFA, 405-935-6741
Michael Kehs, 405-935-2560
Jim Gipson, 405-935-1310
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