Ex-Chesapeake CEO Aubrey McClendon dies in high-speed crash

Police report former CEO of Chesapeake Energy, Aubrey McClendon died in a car accident Wednesday.

According to a CNBC report, McClendon crashed into an embankment while traveling at a "high rate of speed" in Oklahoma City on Wednesday morning. McClendon's vehicle was engulfed in flame, Capt. Paco Balderrama of the Oklahoma City Police Department said.

"He pretty much drove straight into the wall," Balderrama said.

McClendon — a key player in the U.S. fracking boom — stepped down from Chesapeake in 2013. He then founded and served as chief executive at American Energy Partners.

"Aubrey's tremendous leadership, vision, and passion for the energy industry had an impact on the community, the country, and the world. We are tremendously proud of his legacy and will continue to work hard to live up to the unmatched standards he set for excellence and integrity," the company said in a statement.

The accident occurred just 24 hours after McClendon was indicted on a charge of conspiring to rig bids to buy oil and natural gas leases in northwest Oklahoma.

The Department of Justice said in a statement that McClendon was suspected of orchestrating a scheme between two large energy companies, which were not named in the indictment, from December 2007 to March 2012. The companies would decide ahead of time who would win bids, with the winner then allocating an interest in the leases to the other company, according to the statement.

McClendon denied violating antitrust laws in a statement released Tuesday.

"The charge that has been filed against me today is wrong and unprecedented," McClendon said in the statement. "Anyone who knows me, my business record and the industry in which I have worked for 35 years, knows that I could not be guilty of violating any antitrust laws. All my life I have worked to create jobs in Oklahoma, grow its economy, and to provide abundant and affordable energy to all Americans. I am proud of my track record in this industry, and I will fight to prove my innocence and to clear my name."

The Associated Press contributed to this story.

The Gayly- 3/2/2016 @ 2:40 PM CST