• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Why hydrogen economics is does not work
  • 9 hours Starvation, horror in Venezuela
  • 14 mins The EU Loses The Principles On Which It Was Built
  • 11 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 6 hours Crude Price going to $62.50
  • 15 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 9 hours Chinese EV Startup Nio Files for $1.8 billion IPO
  • 20 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 20 hours Correlation does not equal causation, but they do tend to tango on occasion
  • 8 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 20 hours Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 1 day WTI @ 69.33 headed for $70s - $80s end of August
  • 22 hours Monsanto hit by $289 Million for cancerous weedkiller
  • 1 day California Solar Mandate Based on False Facts
Oil Prices Hit 7-Week Low As Trade War Heats Up

Oil Prices Hit 7-Week Low As Trade War Heats Up

Oil prices traded close to…

Why Saudi Arabia Cut July Oil Production

Why Saudi Arabia Cut July Oil Production

Saudi Arabia’s oil production in…

End Of The Road For American Energy Partners

American Energy Partners

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.

Related: Russia Remains Determined To Stop Israel-Turkey Pipeline Deal

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

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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