Chesapeake Energy CEO Aubrey McClendon Talks to Jim Cramer About the Utica Shale in Eastern Ohio

Jim Cramer, Mad MoneyChesapeake Energy CEO Aubrey McClendon on Monday appeared on Jim Cramer’s Mad Money show on CNBC to talk about the company’s new, oil-rich discovery in the Utica Shale of eastern Ohio. He had some fascinating things to say, including that he expects there to be some 25,000 wells drilled in the Ohio Utica Shale, and that there will be $10 billion per year for at least 20 years (or $200 billion) of investments in the Ohio Utica Shale alone. Yikes! No wonder Gov. John Kasich is “gushing” about Chesapeake’s discovery. An investment of 1/5 of a trillion dollars is a major big deal for Ohio—not only for landowners but also for businesses and for those who will be employed by drilling and associated industries. You cannot overstate how important this discovery is.

McClendon also says in the segment he believes the Utica Shale will be even bigger (production-wise, economic-wise) than the Eagle Ford Shale, with an estimated 25 billion barrels of oil equivalent in the form of oil, natural gas liquids and natural gas in eastern Ohio. McLendon says the Utica is possibly “one of our biggest discoveries in U.S. history.”

Watch the entire segment below.

  • John Trallo

    Hey Aubrey McClendon, if all this is on the up and up….
     -Why is the Securities & Exchange Commission handing out subpeonas to Chesapeake and other natural gas companies for over estimating production reports to encourage up front shareholder investment?
    -Why are mechanics leins popping up in Bradford County, PA on private properties that leased to Chesapeake because Chesapeake isn’t paying their sub-contractors?
    -What about the hundreds of environmental violations, ground water contaminations, toxic spills, etc.?
    -Why not tell them how China and India are the principle shareholders in Chesapeake? In other words, we’ll be buying natural gas and oil that is under American soil that is owned by foreign investors.   

  • Sapphire Jones

    Not going to help the state of OH, if they let them skate on the taxes. Which they are.  They have people working here from TX and OK.  Know someone who was hired and told not to get comfortable as they’d only be here for two years and move on to the next state.  They have 20 jobs posted, far cry from the thousands they claim.  And let’s talk about property devalution because being located near these wells is already affecting appraisals. Soon it will be affecting the ability to get a mortgage for the nearby properties. Already the homeowners insurance is changing to exclude pollution and contamination – chemcial and radiological.  And human-caused earthquakes.  I know, because my insurance changed.  The drillers make money and the rest of us pay for it in spades.  Both financially and healthwise.

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  • Earl Hollis

    Aubrey McClendon is nothing more than a shyster con artist. He has big money though, which protects him from greater scrutiny since Americans are trained to believe that the rich are blessed by God and therefore above reproach.

  • Pingback: Utica Shale Drilling Causes Unemployment Drop in Eastern OH |

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