Chesapeake Energy doing damage control following reports of CEO' - 21 News Now, More Local News for Youngstown, Ohio -

Chesapeake Energy doing damage control following reports of CEO's activities

Updated:

OKLAHOMA CITY, Oklahoma - One of the biggest stakeholders in the local shale boom is doing damage control.

Shares of Chesapeake Energy dropped 15 percent because of disappointing earnings and a new report of potential conflicts of interest involving its CEO.

Reuters says Aubrey McClendon ran a private hedge fund for at least four years that traded in contracts for oil and natural gas commodities that Chesapeake produces.

The report suggests the hedge fund could have influenced McClendon's running of Chesapeake.

"Your mother told you not to believe everything you read or hear for good reason, and that certainly has been the case for the past two weeks. I am deeply sorry for all the distractions of the past two weeks," McClendon said.

McClendon was stripped of his chairmanship after disclosures that he had taken out personal loans to cover his investments in the company's wells.

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