Chesapeake CEO McClendon Gets $75 Million Bonus
By Arkansas Business Staff - 1/7/2009 4:27:01 PM
Chesapeake Energy Corp. of Oklahoma City and CEO Aubrey K. McClendon have agreed to terms of a new five-year contract, whereby McClendon will receive a one-time $75 million bonus, an annual salary of $975,000 and yearly bonuses that will not exceed his 2008 total of $1.95 million.
After taxes, the bonus will net McClendon $43.5 million, according to a U.S. Securities and Exchange Commission document filed Wednesday. The parties reached the agreement Dec. 31, according to the filing.
Chesapeake (NYSE: %%CHK) is active in the Fayetteville Shale Play, a natural gas reservoir in north-central Arkansas. The company is one of the play's largest producers. The company has worked to enhance its cash holdings since this summer when natural gas prices began to fall from the high of about $14.
The company closed the sale of a 25 percent stake in its Fayetteville Shale holdings in September. BP America purchased the stake for $1.9 billion. Chesapeake has sold stakes in several other of its natural gas holdings and reduced its capital expenditures multiple times to help raise its cash position.
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