Carl Icahn’s makeover of Chesapeake Energy Corp.’s board may be too late to shield the U.S. natural- gas producer from a gathering storm of wrong-way bets on energy demand, plunging oil prices and corporate-governance failures.
Chesapeake Energy Corp., the U.S. energy explorer battered by collapsing natural-gas prices and growing investor mistrust, will replace almost half its board under pressure from billionaire investor Carl Icahn.
The U.S. economy is slowly reviving, leaving behind with each passing month the worst downturn since the Great Depression. It goes without saying that an expanding economy is better than a contracting one, but the consensus outlook is far from cheery. Instead, it calls for years of muted growth and high unemployment.
Encana Corp. and a unit of PetroChina Co. have called off a joint venture after failing to complete a C$5.4 billion ($5.5 billion) agreement for a 50 percent stake in a Canadian natural-gas asset during almost a year of talks.