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Economy and Business


McClendon announces billions more in shale investment
The former head of Chesapeake thinks the play will pay off despite reservations of others
by WKSU's M.L. SCHULTZE


Web Editor
M.L. Schultze
 
Carroll County was center to the first wave of investment by Chesapeake Energy, which was run then by Aubrey McClendon.
Courtesy of File photo
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In The Region:

At a time when some in the sector have grown lukewarm to oil and gas drilling prospects in Ohio, the man who spearheaded the initial investment here is doubling down. WKSU’s M.L. Schultze has more.

LISTEN: McClendon partnership announces more investment in Ohio drilling

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A billboard on I-77 south of Canton announces that American Energy Partners is hiring. And the founder of that partnership -- Aubrey McClendon -- announced this week he’s investing $1.75 billion in the Utica and Marcellus shale regions of Ohio, Pennsylvania and West Virginia. 

Fadel Gheit follows the industry – and especially McClendon -- for Oppenheimer. And he acknowledges some confusion about the latest announcement. 

“The consensus out there is that at best the jury is still out. Some of the operators have thrown in the towel and said this thing was not a good investment. Aubrey seems to be convinced that this is the place to invest and it’s only a matter of time. Time will tell who is right and who is wrong.” 

Last month, American Energy Partners was cited as one key factor in a decision by Access Midpoint to double the capacity of an oil and gas processing plant. 

Gheit says one other strong believer – and investor – in the shale play here is Doug Lawler, the man who replaced McClendon when McClendon was forced out of Chesapeake. 


Related WKSU Stories

Former Chesapeake Energy CEO charges back into Utica shale
Sunday, August 18, 2013

McClendon is stepping down as head of Chesapeake Energy
Tuesday, January 29, 2013

Chesapeake's shale play means new business for Louisville
Monday, July 16, 2012

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