The chief executive of Chesapeake Energy, one of the largest US gas producers, has borrowed up to $1.1bn in previously undisclosed loans secured against stakes in the company’s wells, raising concerns about potential conflicts of interest.
Aubrey McClendon, Chesapeake’s co-founder and chief executive, borrowed the money to invest in a longstanding and disclosed programme under which he can take a 2.5 per cent stake in any well drilled by the company.
Regulatory filings show that the programme has required him to invest at least $380m since 2007 to finance his share of the drilling costs. The company’s shares fell 7 per cent yesterday after the loans, which had not been declared by the company, were first reported by Reuters.
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