Heads Are Rolling at Chesapeake Energy

by William White | August 13, 2013 10:38 am

Heads Are Rolling at Chesapeake Energy

chesapeake Heads Are Rolling at Chesapeake Energy[1]

Chesapeake Energy’s (CHK[2]) new CEO Doug Lawler, dismissed[3] four of the company’s top executives on Monday.

The four Chesapeake Energy executives that Lawler has dismissed from the company include chief operating officer Steve Dixon, head of oil and gas production Jeff Fisher, drilling executive Steve Miller and human resources chief Martha Burger. Lawler was named CEO of Chesapeake Energy in May after former CEO Aubrey McClendon left due to a series of civil and criminal probes, reports Reuters.

“This restructuring will position Chesapeake to be more competitive and focused, and it will further our strategies of financial discipline and profitable and efficient growth from captured resources” Lawler told Reuters.

Chesapeake made $580 million[4] in profit during its second quarter, which is down 40% from second-quarter earnings in 2012. The company’s oil production during the second quarter increased by 44% when compared to oil production in the second quarter of last year.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/03/chesapeake.jpg
  2. CHK: http://studio-5.financialcontent.com/investplace/quote?Symbol=CHK
  3. dismissed: http://in.reuters.com/article/2013/08/12/chesapeake-executives-idINL2N0GD1WK20130812
  4. $580 million: http://stream.wsj.com/story/latest-headlines/SS-2-63399/SS-2-299895/

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