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The Oklahoma City oil and gas producer has some $11.6 billion in debt and a $500 million note due next month, according to regulatory filings.
Across the American shale patch, companies are being forced to square their reported oil reserves with hard economic reality.
Aubrey McClendon’s company American Energy Partners has struck four separate deals to buy 55 million acres in the McArthur Basin in Australia’s Northern Territory and is working to secure another 10 million acres there, according to an internal company memo obtained by Fuelfix.
McClendon co-founded Chesapeake in 1989 and built it into a U.S. gas titan before his ouster in a 2013 investor revolt.
Denver-based MarkWest Energy Partners, which is being bought my Marathon’s MPLX master-limited partnership for $14.7 billion, is leading the project through a long-term contract with the newly formed Ascent Resources — a new standalone company that was part of Aubrey McClendon’s American Energy Partners.
The slump in oil prices has prompted the units to cut spending budgets and lower production estimates, significantly increasing their debt levels relative to earnings, according to Standard & Poor’s. They’re seeking financing deals after S&P warned earlier this month that their liquidity could deteriorate significantly next year.
The lawsuit alleges McClendon took “confidential information and trade secrets from Chesapeake.”
McClendon doesn’t appear to be slowing down his new venture even as oil prices have sunk below $75 a barrel.
The deal, expected to close next month, would double Aubrey McClendon’s stake in West Texas.
Wildcatter Aubrey McClendon’s oil and gas startup in West Texas may be the latest venture in the Permian Basin to beckon for Wall Street investors, sitting astride one of the most lucrative U.S. shale plays.