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Ohio


Former Chesapeake Energy CEO charges back into Utica shale
Aubrey McClendon is now targeting Guernsey, Belmont, Harrison and Noble Counties -- just south of where his former employer has invested heavily
by WKSU's KABIR BHATIA


Reporter
Kabir Bhatia
 
In The Region:
One of the men who led Ohio’s charge into the Utica Shale is back. Former Chesapeake Energy CEO Aubrey McClendon is now targeting Guernsey, Belmont, Harrison and Noble Counties -- just south of where his former employer has invested heavily. WKSU’s Kabir Bhatia reports.
Former Chesapeake Energy CEO charges back into Utica shale

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McClendon stepped down from the top post at Chesapeake April 1, 2013 amid questions that arose last year surrounding corporate perks and risky ventures. 

The Columbus Dispatch reports he’s now reportedly raised $1 billion for his new firm, American Energy Partners, which is based in Oklahoma City, just like Chesapeake. 

Last week, Houston-based EnerVest announced it would sell more than 22,000 acres in the Utica Shale to an undisclosed buyer. Chesapeake has more than 1 million acres in the Utica Shale. 

At an energy summit in Columbus in 2011, McClendon estimated the value of the Utica’s oil and gas reserves at half a trillion dollars. 

“If you begin to think about spreading that kind of wealth across five or six counties and east central Ohio, I think you begin to see that this will be the biggest thing, I think, to hit the state of Ohio economically since maybe the plow.” 

Some industry analysts say McClendon has set expectations for oil and gas returns too high. And critics of fracking in general argue the technique damages drinking water.
Listener Comments:

Dear "G"... E-mails to your address were returned "undeliverable." To answer your question, McClendon stepped down from his post at Chesapeake last year; he did not leave the company until earlier this year.


Posted by: Kabir Bhatia (Kent, OH) on August 25, 2013 12:08PM
Lazy reporting here. Aubrey left this year not last year and the topic of this article is old news. To make it worse, everything else is information just filling up space with no real value.


Posted by: G (Ohio) on August 19, 2013 12:08PM
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