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Other News

McClendon’s American Energy says it will continue operations

American Energy Partners LP, the firm created by Aubrey McClendon, said it would continue its work despite its founder’s death in a car crash Wednesday. “While all of the employees at AELP are deeply saddened by this tragic event, we are firm in our conviction that Aubrey would want us to persevere and continue his extraordinary legacy of innovation and creativity," the Oklahoma City-based company said in a statement on its website Thursday.

Oil & Gas

Billions of barrels of oil vanish in a puff of accounting smoke

In an instant, Chesapeake Energy Corp. will erase the equivalent of 1.1 billion barrels of oil from its books. Across the American shale patch, companies are being forced to square their reported oil reserves with hard economic reality. After lobbying for rules that let them claim their vast underground potential at the start of the boom, they must now acknowledge what their investors already know: many prospective wells would lose money with oil hovering below $40 a barrel. Companies such as Chesapeake, founded by fracking pioneer Aubrey McClendon, pushed the Securities and Exchange Commission for an accounting change in 2009 that made it easier to claim reserves from wells that wouldn’t be drilled for years. Inventories almost doubled and investors poured money into the shale boom, enticed by near-bottomless prospects.


Brothers hunt gas (and gators!) as CEOs of rival shale empires

Here’s a question most brothers might have answered with the gun option: Do you jump on that 9- foot alligator or do you do the more sensible thing and shoot it in the head, given that it weighs a few hundred pounds and could bite you with the force of, say, 12 pit bulls? If you’re the Lawler brothers, who did not get to be two of the hardest-nosed CEOs in the oil industry by making easy decisions, there was only one answer: Jump on it! So they did—Doug first, of course, since, as he likes to note, he is 17 months older than his “little brother,” Dave.

Other News

Chesapeake Energy agrees to pay $25million compensation

Chesapeake Energy has agreed to a $25million compensation fund as part of a settlement deal on charges brought by the state of Michigan. The company had faced charges of antitrust and racketeering. A criminal antitrust trial which was underway in the US state has now been suspended as part of the settlement.