Oklahoma City Police confirm that the man killed in a car wreck early Wednesday morning is Oklahoma City Thunder part owner and former CEO of Chesapeake Energy, Aubrey McClendon.

At a news conference Wednesday afternoon held by the Oklahoma City Police Department, it was revealed that the lone death was indeed McClendon. Capt. Paco Balderrama told KFOR that police are still investigating the fatal accident, but did say the businessman was traveling well over the posted speed limit. Balderrama also said that McClendon died instantly after the 2013 Chevrolet Tahoe he was driving caught fire.

He pretty much drove straight into the wall. The information out there at the scene is that he went left of center, went through a grassy area right before colliding into the embankment. There was plenty of opportunity for him to correct and get back on the roadway and that didn’t occur,” Balderrama added.

The accident occurred less than 24 hours after the former CEO was indicted by a federal grand jury on charges of conspiring to rig bids for the purchase of oil and natural gas leases.

McClendon, 54, rose to prominence after helping spearhead the shale revolution, which stimulated oil and natural gas production in the United States.