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