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The company founded by the late Aubrey McClendon will shut down this summer.
Aubrey McClendon made a name for himself at the helm of Chesapeake Energy, a company that he steered during the shale gas revolution, transforming it into the second largest producer of natural gas in the U.S. But he had a falling out with the board of the company, and was forced out in 2013.
From there, he raised $15 billion from an array of investors and launched his own shale drilling company called American Energy Partners. He hired 800 people and began shale gas exploration. American Energy even began to expand beyond the United States, signing agreements for shale drilling in Argentina with plans of spending $500 million. It also acquired a large lease in Australia.
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But, McClendon had a sudden and swift downfall. In March, he was indicted on charges of rigging an oil and gas auction. A day later he died in a high speed car crash in Oklahoma.
American Energy Partners will shut its doors in a few months. Half of its remaining 100 employees were laid off on May 18, while the rest will stick around to close down operations. Many of American Energy Partners’ assets have already been spun off into other companies and subsidiaries.
By Charles Kennedy of Oilprice.com
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Charles is a writer for Oilprice.com