Friday, April 18, 2014

Aubrey McClendon and Chesapeake Are Working Together Again

From Bloomberg:
Aubrey McClendon, the pioneering shale wildcatter who helped usher in the U.S. energy renaissance, has hired the company that fired him to drill wells for his newest 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 (CHK:US)Corp., the Oklahoma City-based gas producer he co-founded a quarter century ago, according to a proxy filing today. 
Chesapeake, which terminated McClendon last year amid a shareholder revolt, signed the six-month agreements 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.
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