Posted on 03/15/2016 7:55:57 PM PDT by doldrumsforgop
The fracking legend was working on a “global shale revolution in Australia, Mexico and Argentina.”
The night before Aubrey McClendon died, the oil-and-gas pioneer was expected at a private dinner here with potential business partners. Among them: Vicente Fox, the former president of Mexico.
Around sunset, the group gathered in a wood-paneled dining room at the exclusive Beacon Club. A waiter brought plates of sea bass and lamb. Three bottles from McClendon’s wine collection were opened, including a 2010 Napa Valley red bearing the logo of his business, American Energy Partners.But McClendon, who reveled in his reputation as the life of the party, never showed, said four people who were there.
The group soon learned why. U.S. prosecutors had just announced McClendon’s indictment for allegedly conspiring with a competitor to suppress land prices by rigging bids while leading his former company, Chesapeake Energy.
(Excerpt) Read more at fortune.com ...
“What he was indicted for, which is keeping prices down, that’s typically never what he did,” "
If that is not an indictment of him, I do not know what is.
The man was not the man 'responsible for fraccing'.
He was a promoter. He did not find oil or gas. What he did was to tie up the lands where it was maybe discovered. sometimes he was right, frequently he was wrong. He was very wrong to hang his hat like T. Boone on natural gas as it went downhill while oil shale soared.
Both men made catastrophically poor decisions. Aubrey's was the worst as he apparently could not handle it.
Aubrey’s indictment and death has affected me deeply. I work in the same industry, on oil and gas deals. The man was a legend. Good, bad, or ugly, he was a wheeler-dealer the likes of which are rarely seen in any business.
McClendon was a crook who was collected outrageous amounts of money, yet used company assets for his own benefit. He ruined Chesapeake and walked away leaving others holding the bag.
Amazing the number of people the DOJ seems to drive to their deaths — Aaron Swartz, and maybe Mclendon.
Maybe we would be better off having these people still with us, than having the DOJ score points...
Later
I knew him as well, as a petroleum engineer of +40 years.
His underlying premise was to lock up acreage as access, not geologic astuteness or drilling technology, was what drove the US oilpatch.
I differ greatly on that approach, as it is alien to what my years have taught me.
I consider people like Michael Halbouty or George Mitchell much more of being legends.
Interesting post.
An area I have no knowledge in, so nice to see a FReeper with great insight.
In any event, RIP
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