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In this May 16, 2011 photo, earth-moving machinery builds up a berm around a Chesapeake Energy storage tank, near Dilley, Texas. The Oklahoma City-based company has signed a deal with a Chinese company giving them a 33 percent stake in the 600,000 acres Chesapeake has leased to extract oil and gas from Texasí tightly locked Eagle Ford shale formation. (AP Photo/Pat Sullivan)

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A natural gas hydraulic fracturing site run by Chesapeake Energy sits in operation a few miles outside of Steubenville, Ohio, Saturday, October 27, 2012. Once a productive steel town, Steubenville, Ohio's population has contracted faster than anywhere else in the country between 1980 and 2000 as their steel plants shut down. The area has seen a drop in unemployment in recent years due in part to the prospects of natural gas but the city still has a long way to go with unemployment figures higher then the the rest of the state and the country. (Andrew Harnik/The Washington Times)

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Financier Carl Icahn wrote that the Chesapeake Energy board had failed its basic function of overseeing management in “dramatic fashion.” (Associated Press)

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Financier Carl Icahn wrote that the Chesapeake Energy board had failed its basic function of overseeing management in “dramatic fashion.” (Associated Press)

20120123-185444-pic-443068591.jpg

20120123-185444-pic-443068591.jpg

In this May 16, 2011 photo, earth-moving machinery builds up a berm around a Chesapeake Energy storage tank, near Dilley, Texas. The Oklahoma City-based company has signed a deal with a Chinese company giving them a 33 percent stake in the 600,000 acres Chesapeake has leased to extract oil and gas from Texasí tightly locked Eagle Ford shale formation. (AP Photo/Pat Sullivan)

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Workers move a section of well casing into place at a Chesapeake Energy natural gas well site near Burlington, Pa. Fracking uses water mixed with sand and chemicals to break underground rock and release large amounts of gas. (Associated Press)