Last week, former Chesapeake Energy (NYSE:CHK) CEO and fracking pioneer Aubrey McClendon was indicted for rigging land leases in Oklahoma. Then one day later, he died in a car accident. In this video segment, Tyler Crowe, Sean O'Reilly, and Taylor Muckerman talk the legacy that McClendon left behind.
A transcript follows the video.
This podcast was recorded on March 3, 2016.
Tyler Crowe: When I heard the story yesterday, if anybody has not heard -- and I'm sure they have because it was plastered over any financial news, top of everything yesterday -- Aubrey McClendon passed away in a car accident one day after being indicted on charges of rigging land leases in Oklahoma, basically colluding with another company to say, "We won't bid on this one if you give us a little bit of a lease price, and then we don't have to try to outbid each other on these leases." That was the basic premise that they were going on for the court case.
When I heard the story that he had passed in a car accident, which, I think all of us have said sounds pretty suspect in the first place, it kind of felt like the personification of a modern Greek tragedy. The idea of somebody just rising so high as a superstar in the shale boom in 2011, 2012. Everybody, at least in the energy patch, knew who Chesapeake Energy was, and the monstrous amount of work that they were doing is going and getting out land. They were just trying to own everything on the shale patch. Like Icarus, he kind of flew a little too high, and everybody wanted to take a hack at him.
Sean O'Reilly: What do you think, Taylor?
Taylor Muckerman: It sucks, anybody dying that soon.
Muckerman: Unfortunate timing.
O'Reilly: He was what, late 50s, right?
Muckerman: He's a big reason why we are doing what we're doing in the oil and gas industry in America right now, and around the world, even, because the technology is spreading pretty rapidly. A pioneer that, whether it's true or not, all these allegations, it's unfortunate that he won't be able to at least defend his name.
Sean O'Reilly has no position in any stocks mentioned. Taylor Muckerman has no position in any stocks mentioned. Tyler Crowe has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.