Chesapeake Energy Corporation announces strategic and financial plan to increase shareholder value and reduce debt
Chesapeake Energy Corporation today announced a strategic and financial plan designed to increase shareholder value, reduce debt and ultimately achieve an investment grade rating for the company's debt securities.
Chesapeake Energy Corporation General Counsel Henry J. Hood issued the following statement in response to recently published media reports: ``The Founders Well Participation Program has been in place since the company's founding and was reapproved by shareholders by a wide margin in 2005. The terms and procedures for the program are clear and detailed in every proxy for all shareholders to see. Mr. McClendon's interests and Chesapeake's are completely aligned. In addition, there are numerous third-party participants in the company's wells, including some of the largest energy companies in the world, that monitor the actions of the company through a number of processes, including well audits, reporting, governmental filings and hearings, participation in development plans and marketing of production. The suggestion of any conflicts of interest is unfounded.''