Chesapeake

A crude oil tank farm in Cushing, Okla.
Joe Wertz / StateImpact Oklahoma

A sharp drop in crude prices tugged down shares in oil and gas companies on Friday, leading the Standard & Poor's 500 index to a slight loss in a short trading session.

The index, a benchmark for many investments, still closed out November with its third-best month this year.

"Crude is the big story today," said JJ Kinahan, TD Ameritrade's chief strategist. "There are very clear winners and losers. The Chevrons and Exxons of the world are getting hammered; then on the other side you have the shipping companies — UPS and FedEx — along with the airlines. For them, it's a beautiful story."

Newsok.com reports:

The damage, reflected in stock prices, was widespread this week among our local energy firms. SandRidge Energy shares fell 30 percent; Continental Resources was off 28 percent; Chesapeake dropped 16 percent; and Devon slid 12 percent.

Joe Wertz / StateImpact Oklahoma

An Oklahoma City energy giant, a veterans group, and a superstar athlete have each announced three separate $1 million gifts to aid storm relief efforts following Monday's tornado that killed dozens in Moore.

Chesapeake Energy Corp. announced this morning it will donate $1 million to the American Red Cross to help in the rescue and recovery efforts in Moore.

The oil and gas company says it's also organizing hundreds of employee volunteers to help in the relief effort.

OSU President Steps Down from Chesapeake Board

Mar 7, 2013
Oklahoma State University

Oklahoma State University President Burns Hargis has been replaced on the Board of Directors of Chesapeake Energy. A news release on the company's website says the board accepted Hargis' resignation effective immediately.

Board Chairman Archie Dunham announced Thursday that Louis A. Raspino has been elected to fill the vacancy and has been appointed chairman of the audit committee. He will stand for election at the 2013 annual meeting of shareholders in June.