Shale pioneer hires Chesapeake for drilling job
Aubrey McClendon, the pioneering shale wildcatter who helped usher in America's energy renaissance, has hired the company that fired him to drill wells for his latest natural gas venture.
A subsidiary of McClendon's American Energy Partners LP is paying between $23,500 and $26,000 a day to rent seven rigs from Chesapeake Energy Corp., the Oklahoma City-based gas producer he co-founded a quarter-century ago, according to a proxy filing.
Chesapeake, which terminated McClendon last year amid a shareholder revolt, signed the six-month deal in October, according to the filing. Chesapeake's rigs are drilling for American Energy-Utica LLC in the Utica shale formation that stretches beneath much of Ohio.
McClendon, 54, was forced out of Chesapeake by a group of activist shareholders that included billionaire Carl Icahn and O. Mason Hawkins amid investor discontent over management missteps and controversy over McClendon's use of personal stakes in company-operated wells to borrow hundreds of millions of dollars.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- As banking goes mobile, branch closures rip through local economy
- Subaru BRZ still needs upgrades
- 8th-grader gets venture capital for inexpensive Braille-printer
- Kennametal plans plant closings, job cuts in fallout from oil and gas decline
- Plus-size fashion bloggers recruited
- No more room on iPad? You’ll need to trim some of that fat
- Pipeline companies weather downturn in prices of natural gas, oil
- BNY Mellon is putting iconic Citizens Bank Tower up for sale
- Taxpayer clinics fill IRS void
- Employers prepare for demographic shift
- Consol Energy posts $74M profit in fourth quarter