McClendon Gets a Little Help ($1.7B) from His Friends in OH Utica
After the mass(acre) firings at Chesapeake Energy earlier this week (see The Great Chesapeake Massacre: Lawler Fires 800 People in One Day), we expect there may be a line out of the door at the Oklahoma City-based American Energy Partners (AEP), a company founded by former Chesapeake CEO, Aubrey McClendon–who was fired from Chesapeake earlier this year. Fired Chesapeake employees may have good reason to head on over to AEP HQ.
Yesterday McClendon announced AEP has raised $1.7 billion and plans to use that money this year to (a) snap up 110,000+ acres in the OH Utica, and (b) begin drilling on that acreage. He even has deals set up with midstream companies for gathering and processing. The details from McClendon and AEP (cue music to “With a Little Help from my Friends” by the Beatles):