re: Chesapeake Energy...

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1:54 pm ET 06/08/2012 - Associated Press, The


OKLAHOMA CITY -- Chesapeake Energy Corp. shareholders rebuked the company's board by withholding support for two directors up for re-election at Friday's annual meeting. Both directors have tendered their resignation.

Shareholders also withheld their support for an executive officer compensation proposal and peppered CEO Aubrey McClendon with questions about the corporate governance and accountability of the nation's second largest producer of natural gas.

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McClendon predicted that natural gas prices will eventually rebound from the current price of about $2.29 per 1,000 cubic feet but that the company will shift its focus to the production of natural gas liquids this year to boost its bottom line.

"The company trades at a great discount to the value of its assets," he said.

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