Mouse Over to Stop Rotation & Read Ad

Tuesday, August 4, 2015

Forbes: Aubrey McClendon's Latest Oil and Gas Venture is "Showing Cracks"

From Forbes:
Aubrey McClendon’s second chance at building an oil and gas empire is showing cracks. 
The billionaire founder and former CEO of Chesapeake Energy launched a half dozen new energy companies from scratch immediately after resigning from Chesapeake early 2013. His new ventures, housed under the American Energy Partners (AEP) umbrella, garnered generous backing from industry private equity stalwarts Energy Minerals Group (EMG) and First Reserve, which collectively contributed billions of dollars. 
The ventures also proved popular in the high yield bond market. Last year, bond investors eager to wager on McClendon’s track record supplied billions of dollars to finance acquisitions and development of hundreds of thousands of acres of oil and gas fields. 
A year later, with oil prices at just over $48 per barrel, there appears to be steep downside attached to that wager. Some of McClendon’s companies are struggling just to survive.
Continue reading by clicking here.

That article details some of the challenges American Energy Partners is facing, which we have posted about previously on the blog.  However, it doesn't even mention the lawsuits the company is dealing with over unpaid leases.  It certainly seems to be a very rough patch for McClendon and company.

Connect with us on Facebook and Twitter!

No comments :

Post a Comment

Follow by Email