Gas industry titan McClendon dies in car crash


Aubrey McClendon, a natural gas industry titan, was killed when police say he drove his sport utility vehicle "straight into a wall" in Oklahoma City on Wednesday, a day after he was indicted on a charge of conspiring to rig bids to buy oil and natural gas leases in northwest Oklahoma.Police Capt. Paco Balderrama said McClendon, co-founder of Chesapeake Energy and a part-owner of the NBA's Oklahoma City Thunder, was the only occupant in the vehicle when it slammed into a concrete bridge embankment shortly after 9 a.m. McClendon's death follows an announcement Tuesday that he had been indicted by a federal grand jury. Balderrama says it's too early to say if the collision was intentional. He said McClendon was not wearing a seat belt and that he was driving faster than the 50 mph speed limit. The Department of Justice said in a statement Tuesday that McClendon, 56, was suspected of orchestrating a scheme between two large energy companies, which are not named in the indictment, from December 2007 to March 2012. The companies would decide ahead of time who would win bids, with the winner then allocating an interest in the leases to the other company, according to the statement. In a statement released Tuesday after his indictment, McClendon denied violating antitrust laws. McClendon could frequently be spotted in his courtside seats near the Thunder bench in the arena named after the company he founded in 1989 with his friend, Tom Ward, with an initial $50,000 investment. They eventually grew the company into one of the largest independent producers of natural gas in the United States. He left the company in January 2013 amid philosophical differences with a new board of directors, and founded American Energy Partners, where he was chairman and CEO. Chesapeake eventually became victim of its own success. Natural gas prices plummeted along with all the new drilling by Chesapeake and its peers, reducing revenues for the company and making the debt harder to repay.