Last Tuesday, the Justice Department announced criminal charges against former Chesapeake Energy CEO Aubrey McClendon, stemming from an alleged lease bid-rigging conspiracy between McClendon and another unidentified oil and gas company. The felony count against McClendon carried up to a decade in prison and $1 million in fines.
Shortly after 9 AM the next day, McClendon crashed his SUV at over 50 mph into a concrete highway overpass and died instantly of blunt force trauma. Police are continuing to investigate McClendon's cause of death, awaiting toxicology results and other data, and have not ruled out the possibility that the car wreck may have been a suicide.
“He pretty much drove straight into the wall,” Oklahoma City Police Department Capt. Paco Balderrama told a local NBC affiliate. “There was plenty of opportunity for him to correct and get back on the roadway and that didn’t occur.”
The dramatic exit of one of the most flamboyant wildcatters in the shale rush stunned many observers — and his abrupt death may serve to pull attention away from the underlying crimes that McClendon was so recently accused of committing. The acts McClendon, age 56, stood accused of occurred at the height of the shale land rush and were committed in his role as then-CEO of Chesapeake Energy, the nation's second largest natural gas producer.
Before McClendon died, Forbes writer Chris Helman noticed something very interesting in the former CEO's response to his indictment: McClendon didn't deny the acts underlying the charges, he simply argued that others in oil and gas industry also engaged in the same conduct.
By Ruth Hayhurst, Drill or Drop.