Digging out

20 May 2014 By Christopher Swann

A year to the day after replacing profligate CEO Aubrey McClendon, the U.S. oil and gas explorer secured a two-notch credit rating upgrade to nearly investment grade. By slashing debt and simplifying Chesapeake, new boss Doug Lawler is winning over stock and bond investors alike.

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Chesapeake Energy on May 20 had the credit rating on its debt upgraded two notches, one short of investment grade, by Moody’s Investors Service. It is now rated Ba1.

The day also marks the one-year anniversary that Robert “Doug” Lawler was poached from rival Anadarko Petroleum and appointed chief executive of Chesapeake. He assumed the role on June 17, 2013.

Lawler replaced co-founder Aubrey McClendon as CEO, who was ousted following a series of corporate governance scandals.

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