CHESAPEAKE ENERGY CEO Aubrey McClendon has borrowed $846 million using a well profit-sharing agreement with the company as collateral, the Oklahoma City-based producer said Thursday

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CHESAPEAKE ENERGY CEO Aubrey McClendon has borrowedn$846 million using a well profit-sharing agreement with thencompany as collateral, the Oklahoma City-based producer saidnThursday. Under the company’s Founder Well ParticipationnProgram, McClendon can keep 2.5% of the profit of everynChesapeake well in exchange for paying 2.5% of each well’sncost. Chesapeake’s share price fell nearly 10% last week afternReuters reported that McClendon had received as much as $1.1nbillion in loans using his founders interest in every Chesapeakenwell as collateral.