If the rumors are true and Dallas billionaire Trevor Rees-Jones is set to sell his Chief Oil & Gas for $2.4 billion to Chesapeake Energy — it would be the single biggest payday for the most successful shale fracker of the Great American oil and gas boom.
for $2.2 billion and his Barnett pipeline assets to Crosstex for $480 million. In 2008 he and Perot sold to Quicksilver for $1.3 billion .
bought his acreage in the southwestern portion of the play for $1.8 billion . Then in 2012 he sold his Marcellus pipeline network to Penn Virginia Resources for $1 billion. In the decade since then, Rees-Jones has put Chief largely on autopilot, drilling enough to maintain production levels at roughly 800 million cubic feet per day. An oil and gas guy through and through, Rees-Jones has been recycling cash into buying passively held royalty interests, i.e.
Meanwhile, Chesapeake is a transformed company compared with the one Rees-Jones bought those Marcellus assets from in 2013. Back then Chesapeake was still under the control of the mecurial Aubrey McClendon , who had borrowed massively to fund a land grab in America’s then-nascent shale plays. After years of muddling along and restructuring, Chesapeake in 2020 filed for Chapter 11, wiped out $7 billion in debt, renegotiated $15 billion in contracts.
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