Monday, April 1, 2013

Aubrey's Last Day

Seems odd to say, but today is Aubrey McClendon's last day at Chesapeake Energy.  It occurs five years and a week after Chesapeake broke the news of the Haynesville Shale to the world.  The crushing irony is that he would be a significantly wealthier man and would still be employed by the company he founded if it weren't for the Haynesville and other shale plays that he aggressively pushed to lease and drill.  The simultaneous discoveries of multiple shale plays crushed the price of natural gas and made drilling the stuff unprofitable.  But because of leasing commitments, Chesapeake and its cohorts had no choice but to drill.  A Catch 22 if ever there was one.

Bon voyage, Aubrey.  I'm certain we will be reading about you in the papers soon.  I hear that you have already lined up new office space and some staff, so it likely won't be long...

1 comment:

Anonymous said...

Its also GMXR's last day. Lots of companies wish they never heard of the bubble called the Haynesville.

TC