As the world crude oil market began to crumble on Friday, executives of Oklahoma City’s struggling Chesapeake Energy unloaded more than 409,000 shares for only 22 cents each.
By Monday, shares had dropped to 16 cents each in trading on the New York Stock Exchange.
Filings with the Securities and Exchange Commission revealed the company’s five top executives, including CEO Robert D. Lawler sold some of their shares as company valued continued to slide.
Lawler sold 143,107 shares for a total of more than $31,483. Domenic Dell’Osso Junior, the company’s Executive Vice President and Chief Financial Officer sold 87,108 shares for $19,163.
Senior Vice President and Chief Accounting Officer William M. Buergler sold 19,765 shares for $4,348. Frank J. Patterson, the company’s Executive Vice President of Exploration and Production sold 84,619 shares for $18,616. James R. Webb, Executive Vice President, General Counsel and Corporate Secretary reported the sale of 74,662 shares for a total of $16,425.
Despite the sales, the executives still maintain large numbers of shares in Chesapeake Energy. Lawler reported he had remaining ownership of 5,367,428 shares while Dell ‘Osso still owned 2,117,301 shares and James Webb still had 1,526,176 shares. Patterson reported ownership of 1,254,474 shares after Friday’s sales.
