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Net Worth
Aubrey McClendon, the late American businessman and sports team executive, had a net worth of $500 million at the time of his death in 2016. He was best known as the co-founder, CEO, and former chairman of Chesapeake Energy, as well as a part-owner of the NBA’s Oklahoma City Thunder.
Highlights
- Aubrey McClendon had a net worth of $500 million.
- He co-founded Chesapeake Energy and was its CEO and chairman.
- McClendon was an advocate for natural gas and played a key role in turning Chesapeake Energy into one of the largest natural gas producers.
- He was one of the highest-paid corporate executives in the world.
- McClendon faced legal issues related to bid-rigging allegations before his untimely death.
Early Life
Aubrey McClendon was born on July 14, 1959, in Oklahoma City, Oklahoma. He was the great nephew of Robert S. Kerr, a former governor of Oklahoma and U.S. senator from the state. McClendon grew up in the Belle Isle neighborhood of Oklahoma City and attended Belle Isle Elementary School. He later graduated from Heritage High School in 1977, where he served as the senior class president and co-valedictorian. McClendon started his own lawn mowing business as a teenager.
After high school, McClendon attended Duke University and graduated in 1981 with a degree in history and a minor in accounting. During his time at Duke, he was a member of the Sigma Alpha Epsilon fraternity. It was during this period that McClendon developed an interest in the energy business.
Career
After graduating from Duke, McClendon’s first job was as an accountant. However, he was inspired to enter the energy business after reading an article in “The Wall Street Journal” about successful businessmen in the industry. He joined Jaytex Oil and Gas, a public company in Oklahoma City founded by his uncle, Aubrey M. Kerr, Jr., and worked as a landman. In November 1982, McClendon left Jaytex to pursue his own ventures in the oil and natural gas industry.
In 1983, McClendon partnered with Tom L. Ward to form Chesapeake Energy Corporation. At the age of 29, McClendon became the chairman and CEO of the company, while Ward served as the president and CFO. Chesapeake Energy drilled its first wells in May 1989 and focused on exploring unconventional reservoirs using horizontal drilling and hydraulic fracturing techniques. The company quickly grew and became one of the largest producers of natural gas in the country.
Over the years, McClendon’s leadership and innovative approach helped Chesapeake Energy thrive. The company’s stock value rose significantly, and McClendon became known as a visionary leader in the energy industry. He also faced some controversy, including allegations of using Chesapeake employees for personal projects. Despite the controversies, McClendon’s leadership led to the growth and success of the company.
In 2013, McClendon stepped down as the CEO of Chesapeake Energy but retained the option to invest in Chesapeake wells until July 2014. He went on to found American Energy Partners, PL, a private oil and natural gas company. However, legal issues related to bid-rigging allegations arose, and McClendon tragically passed away before his innocence or guilt could be proven.
Personal Life
Aubrey McClendon was married to Kathleen Upton Byrns and had three children – Jack, Callie, and Will. He had a passion for wine collecting and owned a collection with over 100,000 bottles. McClendon was also a fan of basketball and was part of the investment group that relocated the Seattle SuperSonics to Oklahoma City, where they became the Oklahoma City Thunder. He owned 20% of the franchise at the time. McClendon made significant donations to various organizations in Oklahoma City, including the Boys and Girls Club, the Oklahoma State Fair, and the Oklahoma City Ballet.
Net Worth Over Time
Aubrey McClendon’s net worth fluctuated over the years due to his success in the energy industry. At the peak of his career, he was a billionaire and one of the highest-paid corporate executives in the world. However, allegations and legal troubles related to bid-rigging charges affected his net worth and reputation. At the time of his death in 2016, his net worth was estimated to be $500 million.
Components of Net Worth
Aubrey McClendon’s net worth primarily consisted of his ownership stakes in Chesapeake Energy and the Oklahoma City Thunder. As the co-founder and former chairman of Chesapeake Energy, he held a significant amount of company stock, which contributed to his wealth. McClendon was also a part-owner of the Oklahoma City Thunder, which further added to his net worth. Additionally, his investments in other ventures, such as American Energy Partners, may have contributed to his overall net worth.
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