Chesapeake’s McClendon ‘Deeply Sorry,’ Promises Debt Focus
This article is for subscribers only.
Chesapeake Energy Corp. Chief Executive Officer Aubrey McClendon told investors he’s “deeply sorry” that his personal finances have come under scrutiny as shares fell the most in more than three years.
“I’m deeply sorry for all of the distractions of the past two weeks,” McClendon, co-founder of Oklahoma City-based Chesapeake, said on a conference call today. McClendon said the company may have to sell more assets than planned to cover a gap between cash flow and revenue if natural-gas prices remain depressed. These sales won’t interfere with debt-reduction targets or plans to boost oil production, he said.