Bronco, yes I agree with you on that point. CHK grew operating profit 10 fold from 2000 to 2009, while OXY just managed to double theirs. However, along the way Aubrey (with the blessing of Wall Street) almost destroyed the company by leveraging to the hilt and going for broke on natty gas right before an 80% drop in the commodity price, all the while having knockout swaps that didn't actually protect any downside. I don't know the OXY story that well, but I would guess they are more conservative. :)
Back to the actual stock price. What you get in CHK is what you pay for: A risky, leveraged play on Aubrey being able to out-maneuver his competition in getting into the most profitable plays early. In this sense he has done a great job so far, buying pieces of property for X than selling 20% of them for X. Maybe he does deserve his compensation in light of these deals, but the model he created is the reason for the share's underperformance. Stand up in front of a room right now and ask who wants to buy a leveraged play on natural gas that may have a bit more oil in the future, and by the way they need to sell $4 billion of assets immediately to pay for drilling costs. People will run screaming for the exits. As for me I like to trip these people on their way out as I buy their shares.