Chesapeake Energy Corporation is the second-largest producer of natural gas, a Top 15 producer of oil and natural gas liquids and the most active driller of new wells in the U.S. Headquartered in Oklahoma City, the company's operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S.
The company also owns substantial marketing and oilfield services businesses through its subsidiaries Chesapeake Energy Marketing, Inc. and Chesapeake Oilfield Operating, L.L.C.
The company is focused on discovering, developing and acquiring onshore natural gas resources primarily in the southwestern U.S. and secondarily in the Appalachian Basin of the eastern U.S. Chesapeake's most important operating area has historically been the Mid Continent region of the U.S., which includes Oklahoma, Arkansas, Kansas and the Texas Panhandle.
Chesapeake owns leading positions in the Eagle Ford, Utica, Granite Wash, Cleveland, Tonkawa, Mississippi Lime and Niobrara unconventional liquids plays and in the Marcellus, Haynesville/Bossier and Barnett unconventional natural gas shale plays.
In 2012, the company reported revenues of $12.3 billion, up from $11.65 billion, and net loss of $940 million.
Robert Lawler is taking over as CEO of the company on June 17, 2013. Aubrey McClendon stepped down as CEO after reports that he personally invested in company oil wells to profit for his own gain.
The company was named one of the Best Companies to Work For in America by Fortune magazine for the sixth consecutive year.
Chesapeake was founded by its Chief Executive Officer Aubrey K. McClendon, and its former Chief Operating Officer Tom L. Ward, who became partners in the natural gas exploration business in 1983. At that time, both men were 23 years old and had recently struck out on their own as independent petroleum landmen. As native Oklahomans with third generation roots in the state, Aubrey and Tom operated an informal partnership from 1983-1989 based solely on a handshake. This small entrepreneurial enterprise was focused on generating oil and gas prospects for sale to industry partners and on participating as non-operators in the drilling of wells by others. Around the time of their 30th birthdays in 1989, Aubrey and Tom decided to significantly expand the scope of their business and incorporated Chesapeake with an initial $50,000 investment.
The company went public in 1993.
The company was named to Fortune Magazine's 100 Best Companies to Work For list in 2008.
Paid vacation, sick leave and personal leave are other important employee benefits at Chesapeake. It also offes employee and dependent medical and dental insurance coverage, prescription drug benefits, vision care plan, medical expense reimbursement and dependent care reimbursement plan. In addition, there is an Employee Assistance Program, employee basic life insurance coverage, company paid short- and long-term disability coverage and supplemental voluntary life insurance for employees and dependents.
Chesapeake 's 401(k) plan and matching contribution program is one of the most generous in the industry. Chesapeake sponsors a qualified 401(k) savings plan and a nonqualified deferred compensation plan through which the company matches 100% up to 15% of the employee's annual compensation with company stock.
Updated May 27, 2013