The enmeshment is so deep, the company has set up a unit — AKM Operations — in an annex office to help McClendon with his personal projects.
The personal business unit, executive jet flights and the Oklahoma City Thunder are all part of McClendon’s “lavish” lifestyle, Reuters reports.
And a lot of that lifestyle is leveraged.
McClendon’s contract affords him the use of Chesapeake facilities for personal businesses and investment activities. He’s required to reimburse the company for employees who primarily work on his personal business, but he doesn’t have to pay for secretarial and administrative support.
Chesapeake is one of Pennsylvania’a largest natural gas drillers, with nearly 200 producing wells.
The company holds its annual shareholder meeting tomorrow, and StateImpact Pennsylvania and Oklahoma will be live-blogging the proceedings. Check our website in the morning to follow the session’s details.
Want to catch up on Chesapeake’s loans and debt? Click here.