The Associated Press reports Chesapeake has named an Anadarko executive, Robert Douglas Lawler, as its new CEO.
Chesapeake is the second-largest natural gas producer in the United States and the most active gas driller in Pennsylvania.
Lawler is currently the senior vice president for international and deep-water operations at Anadarko. He also will also join Chesapeake’s board. His appointments take effect June 17.
Chesapeake is in the midst of trying to rein in costs and market acreage in the Marcellus region, in order to focus more on its core drilling operations in Texas.
The appointment of the 46-year-old Lawler comes after a tough year during which Chesapeake’s board ousted its founder and the company worked to shore up its finances.
The new CEO takes over as Chesapeake continues selling assets to pare down an enormous debt burden. Chesapeake intends to sell $4 billion to $7 billion in assets this year. It has sold about $2 billion so far in deals that have either been signed or finalized.
Chesapeake’s previous CEO, Aubrey McClendon, stepped down April 1. He is being formally investigated by the Securities and Exchange Commission for a controversial financial perk that allowed him to personally invest in the company’s oil and gas wells.