Dallas billionaire Trevor Rees-Jones says he’s been running around “with my pants on fire” the last few weeks, negotiating the $2.65 billion sale of Chief Oil & Gas to Chesapeake Energy.
allas billionaire Trevor Rees-Jones says he’s been running around “with my pants on fire” the last few weeks negotiating the $2.65 billion sale of Chief Oil & Gas to Chesapeake Energy. in exchange for Chief’s 113,000 acres producing 835 million cubic feet per day from the Marcellus Shale region of Pennsylvania.
Why make a deal now? “I guess I needed a resurgence in the price of natural gas to bring the value up,” he says. Indeed, the price of natgas has trebled in the past year to $5 per mmBtu amid an international energy crisis that has brought massive shortages to Europe and spurred hot demand for tankers of American LNG. He’s also been waiting patiently for Chesapeake to get its house in order.
After three decades as a pioneer in drilling and fracking for shale gas, Rees-Jones admits that there’s “some sense of a loss of a part of me” in selling his operating company. “I’m certainly not getting out of oil and gas, just selling out of the direct interests for a passive position that’s easier to manage,” both for him and his two grown sons.
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