Chesapeake Energy Corporation (NYSE:CHK) appoints new Chief Compliance Officer, Chevron Corporation (NYSE:CVX)
Chesapeake Energy Corporation (NYSE:CHK) primarily engages itself in production, exploration, development and acquisition of reservoirs of natural gas and oil. It provides several other oilfield services like substantial marketing, midstream, drilling. The company focuses on discovering and developing unconventional natural gas and oilfields onshore in the U.S.
Recently in June, two of its Director’s purchased a total of more than 157,000 shares worth $3.1 million. The company has also appointed a new Chief Compliance Officer for the company, Patrick K. Craine. Doug Lawler the CEO of the company had thanked Steve Dixon for taking the initiative to have Craine on the Board to look after the company’s wide compliance efforts. He also signified that along with the senior executives and strong leadership at the Board, the company will further enhance their effectiveness on their regulatory and legal compliance under Craine’s supervision.
Jim Webb added to it by saying that Craine’s exceptional service as a Federal Enforcement Attorney with combined experience in Private practices and familiarity with Oil & Gas Industry is worthy being a Compliance Officer for the company. He is looking forward to the contributions of Craine’s experience in Chesapeake which will be valueable and will help the other members of the regulatory team to learn. Mr. Craine had been involved as a member in Securities and Exchange Commission’s (SEC) and Financial Industry Regulatory Authority’s (FIRA) Oil and Gas’s task force.
Chevron Corporation (NYSE:CVX) is the second largest oil company in the US and has stated that it had signed a contract for operation of 104,000 acres of land by Cimarex. Chevron has acquired 264,000 acres of net leasehold land in Delware in New Mexico last September from Chesapeake. Chevron has a total of 800,000 acres in Delware Basin which includes several oil wet gas plays stacked together. The company’s upstream operations primarily consist of exploring, developing and producing crude oil and natural gas.