Sustained Outrage

Chesapeake profits as it loses

mcclendon-299x400.jpgChesapeake Energy Corp. and its executives haven’t been making many friends lately in West Virginia after announcing last week their plan to turn their Eastern Division regional headquarters in Charleston into a field office and eliminate 215 of 255 jobs here.

And don’t forget CEO Aubrey McClendon’s parting shot at the state judicial system. McClendon blasted the state Supreme Court for failing overturn a $405 million Roane County court award to royalty owners, rather than blame his company’s calculated business decision to take on that risk when it bought Columbia Natural Resources four years ago.

McClendon said the job cuts were inevitable once the company decided not to build a $40 million headquarters near Yeager Airport.

Last year was not particularly kind to Chesapeake, or to energy companies in general, as natural gas prices plummeted. Chesapeake’s stock price fell from a high of $74 last summer to its current level of around $14 — a drop of more than 80 percent.

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