Chesapeake 2.0? Aubrey McClendon is Back – in the Energy Business
It was pretty easy to predict (and MDN predicted it), that a very youthful Aubrey McClendon would not just sit on his hands and lick his wounds after being unceremoniously tossed aside by corporate raider Carl Icahn and other Chessy investors. MDN said this on April 1:
Why is it an error to show McClendon to the door even in light of his aggressive financial deals? You think McClendon will take his piles of money and sit on a Caribbean beach somewhere? In your dreams! He’ll be back, and he’ll start (or buy) another company that will directly compete with Chesapeake. You can bank on it. (McClendon Exits Chesapeake, Well-Bonused “Friends” Replace Him)
And what’s this? Just two weeks after exiting stage left, Aubrey has registered three new company names, set up an office, and hung out his shingle. Stetson hats off to the man:
Just two weeks after leaving Chesapeake Energy, former CEO Aubrey McClendon appears to be moving full steam ahead with multiple new business ventures, at least two of them energy related.
As The Oklahoman first reported, McClendon has leased out the sixth floor of the Harvey Parkway building at 301 NW 63, just a few blocks away from Chesapeake’s main campus. He also has registered at least two new companies in the state of Oklahoma, Arcadia Capital LLC and McClendon Energy Operating LLC.
The entity American Energy Partners LP was also registered on the same day as McClendon Energy Operating by the law firm of former Chesapeake Energy director and long-time McClendon friend Shannon Self, records show.
All three companies have hung out their shingles at the Harvey Parkway.
I paid a visit to the Harvey Parkway building Friday afternoon and spotted fresh paint in the parking lot. All of prime parking spots at the Harvey Parkway are now reserved for Suite 600 and American Energy.
Inside, a new flat-screen TV by the elevator notes that Arcadia Capital, McClendon Energy Partners and American Energy Partners are all headquartered in suite 600. Renovations are still ongoing on the sixth floor, but there is an office with the lights on just to the right of the elevator staffed with a receptionist.
McClendon & Co. is open for business, it seems.
McClendon also is taking some of the talent from Chesapeake with him, including Tom Price, a senior vice president who is leaving the company in May.
Will suite 600 at the Harvey Parkway give birth to Chesapeake 2.0? Only time will tell.*
Our next prediction: Chesapeake will rue the day they let Aubrey McClendon go.
*Oklahoma City (OK) The Oklahoman/Power Play (Apr 12, 2013) – Aubrey McClendon is back in business