• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 8 days World could get rid of Putin and Russia but nobody is bold enough
  • 10 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 12 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Plunging Natural Gas Prices Is Bad News for Drillers

Plunging Natural Gas Prices Is Bad News for Drillers

The once red-hot labor market…

ExxonMobil's Record Profits Defy Political Expectations

ExxonMobil's Record Profits Defy Political Expectations

ExxonMobil has achieved its highest…

Warren Buffett Regrets Owning Electric Utilities

Warren Buffett Regrets Owning Electric Utilities

Buffett recognizes that the US…

Joao Peixe

Joao Peixe

Joao is a writer for Oilprice.com

More Info

Premium Content

Former Chesapeake CEO McClendon Stages Comeback

Former Chesapeake Energy Corp. CEO Aubrey McClendon has reportedly raised as much as $500 million for his new venture, American Energy Partners LP, and is ramping up purchases with an eye on Ohio’s Utica Shale.

McClendon, who was forced to step down as Chesapeake’s CEO in January 2013, is staging what many analysts are calling a comeback with a new venture and new stakes in US onshore oil and natural gas deposits.

Bloomberg reported on 29 January that American Energy Partners LP had raised as much as $500 million through an affiliate to acquire US onshore stakes and non-operated working interests.

Related article: Who is to Blame if the US doesn’t Achieve Energy Independence?

The exclusive private equity investor here is Houston-based Energy & Minerals Group, led by John T. Raymond, for the affiliate “American Energy – NonOp LLC.

So far, in total McClendon has bounced back from the Chesapeake debacle to raise some $1.7 billion from several private equity firms over the past year.

In December, McClendon announced plans to raise up to $2 billion through the sale of units in a blind pool investment, a speculative vehicle with no assets or profits—a formula which affords backers a chance to help fund potential oil and gas developments, according to Bloomberg.

The meantime, American Energy Partners has reportedly agreed to buy natural gas fields from Hess Corporation for $924 million. While the buyer for Hess’ 74,000 acres in Ohio’s Utica Shale remains undisclosed, media outlets are speculating that it is McClendon.
McClendon’s resignation from Chesapeake, which he founded, was a dramatic one, in terms of media coverage. While McClendon was credited with much of the company’s growth and its status as the second biggest natural gas producer in the US, he became embroiled in a financial scandal that caused investors to seek his resignation.

ADVERTISEMENT

By. Joao Peixe of Oilprice.com


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News