• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 49 mins WTI @ $75.75, headed for $64 - 67
  • 15 hours The Dirt on Clean Electric Cars
  • 6 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 3 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 6 hours These are the world’s most competitive economies: US No. 1
  • 22 hours Uber IPO Proposals Value Company at $120 Billion
  • 5 hours The end of "King Coal" in the Wales
  • 54 mins EU to Splash Billions on Battery Factories
  • 5 hours Coal remains a major source of power in Europe.
  • 13 hours Poland signs 20-year deal on U.S. LNG supplies
  • 1 hour U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 1 day UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
Alt Text

EIA Report Threatens Oil Price Rally

After a very bullish week…

Alt Text

This Merger Creates A New Oilfield Services Giant

Two of the leading offshore…

Joao Peixe

Joao Peixe

Joao is a writer for Oilprice.com

More Info

Trending Discussions

Former Chesapeake CEO McClendon Stages Comeback

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.

By. Joao Peixe of Oilprice.com


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News