[View the story "NEWSOK: Chesapeake Energy shareholder meeting" on Storify ]NEWSOK: Chesapeake Energy shareholder meeting
Tweets from the June 8, 2012, shareholder meeting of Chesapeake Energy Corp. in Oklahoma City.
Storified by NewsOK Energy · Fri, Jun 08 2012 13:00:20
.@Chesapeake to address shareholders today at 10 a.m. CT. http://okne.ws/KC5zQF Follow @NewsOKEnergy for live updates from meeting.Jay F. Marks
BREAKING: @Chesapeake to sell midstream assets for more than $4B company says with annual meeting looming today. More to come on #NewsOKJay F. Marks
I feel like someone should be selling tickets to this @chesapeake meeting today. #excitement #suspense #dramaRusty Surette
US’ Chesapeake Energy is to sell $4 billion worth of pipeline assets in 3 transactions, cut budgeted capex by $3 billion over 3 yearsPlatts Oil
#PowerPlay blog: @Chesapeake announces $4B sale of pipeline assets hours before its annual meeting. http://shar.es/qSAhQ on #NewsOKJay F. Marks
Chesapeake Energy CEO In Hot Seat Today http://n.pr/MhiJxlNPR News
I’ll be tweeting from Chesapeake’s shareholder meeting this morning. For background on today’s fireworks, start here: http://bit.ly/J475ZtErich Schwartzel
Chesapeake is selling off its pipelines http://bit.ly/K4PuShHouston Chronicle
Chesapeake has already made news this morning, announcing sale of midstream pipeline operation valued at $4 billion.Erich Schwartzel
Chesapeake announces plan to sell midstream assets for total expected cash proceeds of more than $4 billion. http://bddy.me/MseEWo $CHKChesapeake Energy
On the #PowerPlay blog: All eyes on @Chesapeake ahead of this morning’s shareholder meeting http://shar.es/qSEwx (by @pmonies) $CHK #NewsOKPaul
All eyes on Chesapeake ahead of this morning’s shareholder meetingIt’s already shaping up to be a busy morning over at the Chesapeake Energy Corp. campus, just hours ahead of the company’s annual shareho…
Remember, I’ll be live-tweeting @Chesapeake’s annual meeting from our @NewsOKEnergy account, beginning in an hour or so. #FFJay F. Marks
We’ll also be looking for any @Chesapeake shareholders interested in sharing their perspective of the company’s annual meeting.Jay F. Marks
.@NewsOK will display live tweets from @NewsOKEnergy during @Chesapeake’s annual meeting this morning on the home page: http://newsok.comNewsOK Energy
Two Chesapeake Directors Face Near-Certain Defeat http://bit.ly/K4WDC7CNBCWorld
Chesapeake CEO faces shareholders critical of his business dealings, depressed … – Washington Post: Chesapeake… http://bit.ly/LzGKmbAshley madding
Chesapeake’s CEO has charged shareholders millions of dollars for his personal travel, accounting, and investments: http://ow.ly/br6wLCorbin Hiar
Chesapeake Shareholders May Challenge Directors’ CEO Review – BusinessWeek: GPBChesapeake Shar… http://bit.ly/NV70Hl #governance #riskPeter Went
Visit our site http://bit.ly/pLWhKC to follow today’s #Chesapeake shareholder meeting #CHKJeff Brady
Here’s the link for our #Chesapeake liveblog http://bit.ly/L8Etx7 The event begins at 11 eastern #CHKStateImpact PA
Sexy Qs. RT @StateimpactOK Five questions we hope will be answered at tomorrow’s @Chesapeake Energy shareholder meeting http://bit.ly/MgLfBYPeter Wright
CHK security to shareholder: Leave phone in the car. Live tweets from @NewsOKEnergy during meeting. Paul Monies on the #PowerPlay blog.okbizeditor
Chesapeake Energy $CHK is selling $4 billion in pipelines. But that probably isn’t enough for angry shareholders. http://cnnmon.ie/MhGCYzCNNMoney.com
Company buying Chesapeake’s pipelines is an fund founded by Credit Suisse and GE that only looks to buy infrastructure. http://bit.ly/LDnfabPeter Wright
Crazy shareholder meeting today for Chesapeake Energy ($CHK) > stock is down 72% since 2008 and 50% since last summer – http://buff.ly/LIJ2xgJonah Lupton
All my buddies trying to sell me $CHK "its such a value" – they may be right, but I don’t like owning companies crunched for cashSkipper Walker
Friends at $CHK: what’s the vibe on campus like today with the annual meeting about to begin?…
Headed to the @Chesapeake annual shareholders meetingBobby Gruenewald
Waiting for the Chesapeake Energy shareholders meeting to begin.briannabailey80
Declassified: @Chesapeake Energy wants ‘relief’ from an Oklahoma law it helped write just two years ago http://bit.ly/KlHM12 #ChesapeakeStateImpact Oklahoma
There’s more reporters here than I have ever seen in one place in OKC at the Chesapeake shareholder’s meeting this morning.briannabailey80
Chesapeake Energy annual shareholders meeting set to begin at 10am @kforAdam Mertz
Reminder: I’m live-tweeting @Chesapeake’s annual meeting from @NewsOKEnergy account. Awaiting start now.Jay F. Marks
#FF for @Chesapeake mtg: @erichschwartzel, @StateImpactOK, @KateKellyCNBC, @NewsOKEnergyBen Allen
CNBC reports that seven of nine Chesapeake board members are likely to be replaced – http://www.cnbc.com/id/47735219Andrew Restuccia
.@Cheseapeake spokesman said board is meeting now; will break at 10 for public portion of annual meeting. Board meeting will last into p.m.NewsOK Energy
RT @StateImpactOK: 20 min from getting started at #chesapeake meeting. Here’s a view from the media bunker. http://yfrog.com/o04npzdkjStateImpact PA
Conference call on @Chesapeake’s midstream sale is set for 10 a.m. CT also, but it will replays will be available online, spokesman says.NewsOK Energy
I thought music in @Chesapeake media room was canned until I heard muted applause after last song. #novisualyetNewsOK Energy
Oh my gosh. What was the music????? @NewsOKEnergy @ChesapeakeLa Au RevoirGiraffe
@AuRevoirGiraffe Just a jazzy little instrumental. A piano and some strings, I think.NewsOK Energy
Chesapeake CEO McClendon was stripped of his chairmanship in early May (http://bit.ly/JqA6JN), but will remain on board as director.Erich Schwartzel
National Center for Public Policy Research to question @Chesapeake’s McClendon about $26M in donations to @Sierra_Club’s anti-coal effortsNewsOK Energy
.@Chesapeake shareholder meeting under way, with warning anyone causing disruption will be asked to leave.NewsOK Energy
More than 549 million shares are present by proxy, representing more than 85 of shares eligible to vote, so @Chesapeake has quorum.NewsOK Energy
There is a quorum…85.67 percent of #Chesapeake shares are representedAlex Cameron
Good news for media: @Chesapeake will use microphones for Q&A so those of us sequestered away from shareholders will be able to hear.NewsOK Energy
Denver resident Gerald Armstrong has three minutes to present proposal for @Chesapeake to re-incorporate in Delaware.NewsOK Energy
RT @alexdcameron: Why should you care about #Chesapeake’s annual meeting today? The company employs about 5000 people in OKC and is…Emma Adair
Armstrong says companies, including @DevonEnergy, have adopted proposal. Approved by @Chesapeake shareholders in ’08, rejected by board.NewsOK Energy
Shareholder gerald armstrong: "something is out of balance here at Chesapeakebriannabailey80
UPDATE 1-Chesapeake shareholder Dreman wants McClendon out: June 8 (Reuters) – David Dreman, whose investment… http://dlvr.it/1hPTtvErpe World News
Armstrong says re-incorporating in Delaware would result in greater accountability to shareholders…#Chesapeake’s board recommends againstAlex Cameron
AKM does not give rebuttal to Gerald Armstrongbriannabailey80
@OKenergybeat @Chesapeake @NewsOKEnergy You should tweet a photo of the room and/or a video of the main introduction!Robert Hefner V
Julie Skye has 3 mins to introduce measure to force @Chesapeake to disclose lobbying expenditures, including trade association funding.NewsOK Energy
Julie Sky asks Chesapeake to drop support for #ALEC and disclose election/ lobbying expenses. Board recommends not to pass measure.Clifton Adcock
Julie Skye, proxy 4 Unitarians, @Chesapeake shareholder "I’m not here just as bleeding heart liberal, chaining myself to your equipment"Sarah Terry-Cobo
Skye: Ask @Chesapeake to disclose membership in lobbying groups like #ALECNewsOK Energy
Item 8 is also a shareholder proposal, to require tighter control of lobbying expenditures by #Chesapeake…the Board recommends againstAlex Cameron
Here is some background on McClendon and why shareholders are angry from @Reuters http://www.reuters.com/article/2012/06/07/us-chesapeake-mcclendon-profile-idUSBRE8560IB20120607Daniel McCoy
CALPERS wants @Chesapeake to amend certificate of incorporation, bylaws, but board recommends vote against McClendon says.NewsOK Energy
Item 9 is a shareholder proposal to do away with #Chesapeake’s super-majority voting requirement…Board recommends againstAlex Cameron
Proposal came in response to long-standing concerns about @Chesapeake board’s independence, comptroller’s official says.NewsOK Energy
Comptroller: @Chesapeake shareholders need independent board that is accountable to them. Proxy access would aid in that.NewsOK Energy
Chesepeake Energy’s shareholder meeting is going on @StateImpactOK’s live blog: http://stateimpact.npr.org/oklahoma/2012/06/08/live-blog-chesapeake-energy-annual-shareholder-meeting/Barbara
Comptroller: Proposal would allow greater shareholder access to board, rather than just a couple of large investors. Still support that moveNewsOK Energy
McClendon: Once again, board recommend no vote on that itemNewsOK Energy
No recording devices allowed at Chesapeake Energy annual shareholders meeting. How fast can I type?Jim Fuquay
note enough votes in favor of Burns Hargis and Richard Davidsonbriannabailey80
Now we know two of the @Chesapeake board members to be replaced: Burns Hargis and Richard K. Davidson.Jay F. Marks
Votes: Davidson 27 percent in favor; Hargis 26 percent in favormajority voting 97 percent for; exec compensation 20 percent;NewsOK Energy
Incentive plans, accounting firm approvedNewsOK Energy
Reincorporate in Delaware 53 percentNewsOK Energy
Lobbying disclosure 36 percentNewsOK Energy
Eliminate super-majority 86 percentNewsOK Energy
Proxy access: 60 percentNewsOK Energy
Meeting now adjourned, so McClendon begins operations updateNewsOK Energy
McClendon: Company has been focused on #natgas since 1998NewsOK Energy
One of the #Chesapeake directors up for election was OSU President Burns Hargis, so it would appear he is outAlex Cameron
CHESAPEAKE ENERGY SHAREHOLDERS BACK PROPOSAL TO IMPLEMENT MAJORITY VOTING IN DIRECTOR ELECTIONSReuters Top News
.@Chesapeake now turning focus to #oil, liquids in similar unconventional plays, McClendon said. Process began in 2009.NewsOK Energy
Liquids focus is increasingly important part of company, McClendon says. Now spend about 90 percent on capital on such projects.NewsOK Energy
McClendon expects #oil, liquids prices to continue to outpace #natgasNewsOK Energy
McClendon: New era dawning as domestic production allows US to escape OPEC’s stranglehold on economyNewsOK Energy
McClendon: @Chesapeake now focus on asset harvest after 7 years of asset capture. Now business will be simpler for shareholders, directors.NewsOK Energy
"It’s one of the most important developments in the company’s history," McClendon says.NewsOK Energy
"I think this’ll create a big reward for our shareholders going forward."NewsOK Energy
AKM: "CHK will be a completely different company to invest in and manage and sit on the board of moving forward"briannabailey80
.@Chesapeake increasing production, with liquids growth the best in the #oilandgas industry, McClendon says.NewsOK Energy
.@Chesapeake’s operational, financial achievements are "extraordinary," especially in light of low #natgas prices, McClendon says.NewsOK Energy
.@Chesapeake also responsible for one of industry’s most important discoveries: #UticaShale in eastern OhioNewsOK Energy
.@Chesapeake sold 10% of its #Utica holdings to Total, so now made back investmentNewsOK Energy
McClendon touts @Chesapeake’s asset discovery prowess, in finding 5 major fields.NewsOK Energy
McClendon touting company’s investments in @CleanEnergyFuels, #SundropFuels, retail #CNG stationsNewsOK Energy
Demand increase in transportation/power generation and pending #LNG exports will be boon to @Chesapeake, McClendon says.NewsOK Energy
McClendon: @Chesapeake still ranked as one of nation’s best places to work. Allows company to recruit best in #oilandgas industry.NewsOK Energy
Says #Chesapeake gets more than 200,000 resumes a year…remain on Forbes list of best places to workAlex Cameron
"We do believe we’ve built the premier collection of U.S. E&P assets," McClendon says. No interest in Canada or other international options.NewsOK Energy
.@Chesapeake selling noncore assets, while moving to achieve 25/25 plan questioned by company’s largest shareholderNewsOK Energy
McClendon: Chesapeake is focusing on ten formations across the U.S., with no aspirations for overseas or off-shore development.Erich Schwartzel
McClendon acknowledges it will be hard for @Chesapeake to complete 2012 objectives, but is confident in success. No matter low #natgas isNewsOK Energy
.@Chesapeake wants to get away from "gravitational pull" of low #natgas prices by moving to #oil, AKM says. Key is boosting production.NewsOK Energy
McClendon: Much of Chesapeake’s asset value has been "hidden" from shareholders. #ChesapeakeStateImpact Oklahoma
McClendon: Continued asset sales will pay for @Chesapeake’s transformation to #oil, liquids producer.NewsOK Energy
McClendon: Focus continues to be creating value to shareholders. Think company’s strategy will accomplish that in 2012.NewsOK Energy
McClendon ready to answer questions. No mention of any limitations but time.NewsOK Energy
Icahn rep: No question, but reading prepared statement.NewsOK Energy
Icahn: Pleased with decision to reconstitute board that will provide vigilant oversight of McClendon, a great "oil and gas man."NewsOK Energy
Icahn: New chairman can focus on closing funding gap, reducing debt.NewsOK Energy
Icahn: Maintain new board should consider all strategic alternatives, including potential sale.NewsOK Energy
Icahn: Most recent media reports are hyperbole by short-sellers. Want to focus on proving company’s value.NewsOK Energy
It’s almost like Chesapeake shareholders weren’t happy with the board’s performance. $CHKBen Casselman
Rep for Carl Icahn reads statement: Good corporate governance is the essence of all well run companiesbriannabailey80
Icahn statement draws scattered applause at end.NewsOK Energy
Analyst Alan Edgar: Pleased company is rebuilding board, but concerned about low share price, "overwhelming" debt load.NewsOK Energy
Edgar: At least 6 large #oil companies must be lusting over @Chesapeake assets. How can board sell assets while appealing to such suitors?NewsOK Energy
McClendon: @Chesapeake could have lived within its means as focus on #natgas, but would not have suited company, shareholders.NewsOK Energy
McClendon: This is difficult time for #energy industry, but @Chesapeake has been able to build #oil assets for transition.NewsOK Energy
McClendon acknowledge interest in @Chesapeake assets. 20 looked at #Permian holdings already, 10 more waiting to lookNewsOK Energy
McClendon: Intend to continue on current track because believe it is the right one.NewsOK Energy
Former Oklahoma regulator Jim Roth asks about federal regulation of #energy industry.NewsOK Energy
McClendon: @Chesapeake has national mandate to develop, produce resources, but Oklahoma is home. Proud of roots here.NewsOK Energy
McClendon: U.S. needs to develop own resources, cannot survive if it continues to send so much of its money to Middle East for #oil.NewsOK Energy
Confirmed– #Chesapeake directors Hargis and Davidson have tendered their resignations…having received barely a quarter of votes castAlex Cameron
McClendon: Reducing #oil use in favor #natgas helps too.NewsOK Energy
Time is running out if McClendon intends to limit @Chesapeake meeting to one hour….NewsOK Energy
Burns Hargis and Richard Davidson will resign from the boardbriannabailey80
Shareholder from Michigan concerned about "tarnishing" of @Chesapeake’s reputation in media. Questions McClendon’s development efforts thereNewsOK Energy
That is McClendon’s personal venture, not @ChesapeakeNewsOK Energy
McClendon does not believe the Michigan events have any bearing on #Chesapeake…no interest in talking about it in this forumAlex Cameron
Shareholder wonders if McClendon concerned about how project affects @Chesapeake.NewsOK Energy
Shareholder from Saugatuck, MI concerned about #Chesapeake reputation being tarnished by McClendon’s personal legal battle in that townAlex Cameron
McClendon notes local government impose taxes on him, but situation still subject to litigation. Most has been involved in his favor.NewsOK Energy
Think tank now questioning McClendon about donations (in apparently borrowed money) to @Sierra_Club’s anti#coal efforts.NewsOK Energy
Questioner notes environmental group’s efforts against #coal now could be transferred to #natgas effort.NewsOK Energy
Questions on everything from water usage from fracking to contributions to Sierra Club for Beyond Coal campaign.briannabailey80
McClendon: No regrets due to resource struggle with #coal industry. Now is time for #natgas in power generation.NewsOK Energy
McClendon: No longer associated with @Sierra_Club now, but confident money was well spent on fighting #coal plants.NewsOK Energy
Julie Skye again to ask about #water consumption in #fracking operations. Concerned about protecting that resource.NewsOK Energy
McClendon: Share that concern. @Chesapeake striving to reduce water consumption.NewsOK Energy
McClendon: Texas is good example because home to up to 40 percent of all drilling. #Oilandgas uses .5% versus 67% in agriculture.NewsOK Energy
Still, McClendon says #Chesapeake is intent on following best practices–is working to reduce water consumption and be a leader in this areaAlex Cameron
Shareholder from Louisiana asks about "underappreciated component" of @Chesapeake. McClendon starts with company’s assets.NewsOK Energy
McClendon: Any estimate puts enterprise value at about $30B, so company trading at great discount. Can wait for change or be proactive.NewsOK Energy
McClendon: @Chesapeake is selling assets that market assigns no value.NewsOK Energy
McClendon also rejects media’s assertion that @Chesapeake is not a well-run company. Says people fail to appreciate successes.NewsOK Energy
McClendon also says people fail to recognize #natgas will rebound. Appreciate time in Asia, where commodity is more valuable.NewsOK Energy
"American natural gas is the most undervalued resource in the world," McClendon says.NewsOK Energy
$2 #natgas is roughly break even for @Chesapeake, but won’t stay at that level forever, McClendon says.NewsOK Energy
Meeting closing, as McClendon says "The board has some work to do." Feed abruptly ends with applause beginning.NewsOK Energy
CHK press room sounds like a sweat shop with all the typingbriannabailey80
Chesapeake shareholders meeting now over. Directors Burns Hargis and Richard Davidson re-elected but have tendered resignations. @kforAdam Mertz
Now that the meeting is over, we’re looking for @Chesapeake shareholders who are willing to discuss their feelings about the company.NewsOK Energy
@ reply to us or send a DM if you want to talk @Chesapeake. Or call @pmonies at 475-3930.NewsOK Energy
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