Tuesday, April 21, 2009

McClendon: It Will Get Worse This Summer

In an address at the IPAA symposium, Chesapeake Energy CEO Aubrey McClendon stated that his company believes that while gas prices and drilling activity will pick up by the end of the year, it will get worse before it gets better. In the classic theme of "always darkest before the dawn," McClendon said, "It's been a difficult past nine months...We're prepared for it to get worse this summer."

In his presentation, he said that Chesapeake expects gas prices to return to return to $7.50 to $9.50 possibly by the end of this year.

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