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Aubrey McClendon Net Worth

What was Aubrey McClendon’s Net Worth In 2024?

With a $500 million net worth, Aubrey McClendon was an American businessman and sports team executive. The most well-known role of Aubrey McClendon was that of co-founder, CEO, and former chairman of Chesapeake Energy. In addition, Aubrey owned a portion of the Oklahoma City Thunder in the NBA.

Aubrey was one of the main contributors to Chesapeake Energy becoming one of the nation’s biggest producers of natural gas. He was a vocal supporter of natural gas as a safer and cleaner oil and coal substitute. Aubrey was a billionaire and among the top-paid corporate leaders in the world at the height of his career. With a $112 million remuneration package, McClendon was the highest-paid CEO among all S&P 500 businesses in 2008.

Aubrey McClendon was accused on March 1, 2016, of plotting to manipulate bids for Oklahoma oil and gas leases. He might have to serve ten years in jail. Aubrey was scheduled to turn himself into the police the next day. Rather, he crashed his car into a bridge overpass at high speed and died. His wife and three children survived him; he was 56 years old.

Early Life Of Aubrey McClendon

On July 14, 1959, in Oklahoma City, Joe Connor McClendon and Carole Kerr welcomed Aubrey. He was Robert S. Kerr’s great-nephew, the Oklahoma governor and senator from the state. He was raised in Oklahoma City’s Belle Isle neighbourhood and went to Belle Isle Elementary School. He attended Heritage High School, where he graduated in 1977 as co-valedictorian and president of the senior class. He established his own lawn-mowing company when he was a teenager.

Aubrey McClendon studied at Duke University, where he earned a history degree with an accounting minor in 1981. He had a special interest in the Reconstruction Era that followed the Civil War. In addition, he belonged to the fraternity Sigma Alpha Epsilon.

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Career Of Aubrey McClendon

Aubrey McClendon’s first employment after graduating from Duke was as an accountant. After reading an article in “The Wall Street Journal” about businesses that were very successful in the energy sector, he was motivated to leave accounting and get into the energy industry. At first, he was employed as a landman for his uncle Aubrey M. Kerr, Jr.’s publicly traded Oklahoma City company, Jaytex Oil and Gas. In November 1982, he quit his job at Jaytex to start his own company in the oil and gas sector.

Aubrey McClendon and Tom L. Ward joined an oil and natural gas partnership in 1983. In 1989, when they co-founded Chesapeake Energy Corporation, they were both 29 years old. Ward became president and chief financial officer, and McClendon became chairman and chief executive officer. In May 1989, the business started drilling its first two wells in Oklahoma’s Garvin County. McClendon specialized in well drilling into unconventional reservoirs such as shales and fractured carbonates. He pioneered the use of hydraulic fracturing and horizontal drilling, accelerating the company’s growth and establishing Aubrey McClendon as a visionary leader in the industry. In 1993, he went public with the business. Its stock was the most successful in the nation during the next three years, increasing 274% in value between 1994 and 1997.

Over the ensuing decades, McClendon accumulated a substantial fortune while Chesapeake Energy grew even more. He was paid more than any CEO in the S&P 500 by 2008. He also became known for taking risks. For example, in 2008, he sold most of his 31.5 million shares in Chesapeake Energy, which accounted for 94% of his ownership position and 6% of the company. Chesapeake, however, appears not to have been adversely affected by the transaction since it has continued to expand. Chesapeake continued to increase its daily gas production from 5 million to 2.5 billion cubic feet between 2009 and 2013. Additionally, the corporation is in charge of finding significant natural gas reserves, contributing to lower gas prices for American customers. McClendon is generally acknowledged for contributing to the growth of the US natural gas and oil sectors.

Personal Life Of Aubrey McClendon

When it was revealed that Aubrey McClendon had hired Chesapeake personnel to handle various personal tasks and projects, including home repairs, he became embroiled in a company dispute. But his employment agreement allowed for such arrangements, and he had paid the workers and the corporation back for their labour. McClendon stepped down as chairman in June 2012, while he continued to serve as CEO. Later, in April 2013, he announced his resignation as CEO. The corporation was reportedly the second-biggest natural gas producer in the US at the time, only behind ExxonMobil. He was allowed to stay involved in Chesapeake well investments after leaving the company until July 2014.

Meanwhile, he established the private oil and natural gas company American Energy Partners, PL, in 2013. Chesapeake accused McClendon of misappropriating business data when he founded American Energy Partners and filed a lawsuit against him in February 2015. In 2015, the parties agreed. A federal grand jury accused McClendon in March 2016 of breaking antitrust laws and collaborating to manipulate the lease bidding process to reduce the prices paid for natural gas and oil leases. McClendon issued a statement refuting every accusation. However, McClendon tragically passed away in a car accident before it was possible to establish his guilt or innocence.

Personal Life Of Aubrey McClendon

Aubrey McClendon and his spouse, Kathleen Upton Byrns, resided in Oklahoma City. They are parents to three kids: Will, Callie, and Jack. McClendon was a passionate wine collector who once had over 100,000 bottles in his collection. In 2008, the Seattle SuperSonics were relocated to Oklahoma City and changed their name to the Oklahoma City Thunder. He was a big basketball fan as well. McClendon owned 20 per cent of the franchise at the time. Additionally, he gave numerous substantial grants to several public and private institutions in Oklahoma City, including the Oklahoma State Fair, the Oklahoma City Ballet, and the Boys and Girls Club of Oklahoma City.

Death Of Aubrey McClendon

Energy tycoon Aubrey McClendon crashed his Chevrolet Tahoe into a concrete bridge at 88 mph on March 2, 2016. The SUV caught fire, and he was not using a seat belt. McClendon died at the scene. A federal grand jury had indicted him the day before. During his tenure as CEO of Chesapeake Energy, from 2007 to 2012, he faced accusations of breaking antitrust laws. He might have spent ten years behind bars.

Conclusion

In conclusion, Aubrey McClendon’s net worth is not just a numerical figure; it’s a chronicle of a dynamic journey through financial peaks and valleys. Understanding his legacy, the challenges faced, and the enduring relevance of his contributions provides a comprehensive view of a complex figure in the business world.

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