McClendon's new company said to be $924M buyer of Hess Utica gas fields


Aubrey McClendon's new company, American Energy Partners, reportedly is the mystery buyer behind Hess' (HES) $924M sale of natural gas fields in Ohio's Utica Shale.

American Energy Partners told WSJ that an affiliate had raised ~$500M to invest in wells across the country, but declined to comment on the Utica deal.

The former Chesapeake CEO also is managing a new venture, American Energy Capital Partners, backed by real-estate investors, which said last month it would sell shares to raise up to $2B to buy and drill oil and gas prospects across the U.S.

Meanwhile, Hess still has ~86K acres in the Utica that it is drilling in partnership with Consol Energy (CNX), mostly in areas where wells yield liquids that can be turned into ethane and propane; the acreage Hess just sold is dry natural gas.

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Comments (1)
  • Mike Maher
    , contributor
    Comments (2860) | Send Message
     
    Lets see how long before Aubrey starts consolidating some of the companies in that area. AR, GPOR, and MHR all also actively looking to expand leaseholds in the area. Land values are going up, and those names, plus PDCE should follow land values higher.
    29 Jan 2014, 07:30 PM Reply Like
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