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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Anti-Vaxxers Raking In ‘at Least $2.5M’ a Year on Substack, Researchers SayThe Center for Countering Digital Hate found that five anti-vaxx newsletters alone have earned their authors millions, including Fox News favorite Alex Berenson with $1.2 million.
Read more »
Texas lobbyist seeks $2.8B after 12,000 companies never got Restaurant Revitalization Fund moneyTwo-thirds of businessowners who expected monetary relief did not get it, says the CEO of the Texas Restaurant Association.
Read more »
Louisiana’s $2-Billion Gamble: Flood the Land to Save the CoastA new engineering project would bring much needed land to eroding marshes but at a huge cost to the fishing industry.
Read more »
Peter Robbins, Voice of Charlie Brown in the 1960s, Dies at 65Robbins voiced the beloved character in such timeless ‘Peanuts’ specials as ‘A Charlie Brown Christmas’ and ‘It’s the Great Pumpkin, Charlie Brown.’
Read more »
Wildfire burning near Big Sur 65% contained; drier conditions expected overnightThe wind-driven Colorado fire, which has charred 700 acres in the Big Sur area, is now 65% contained, according to Cal Fire.
Read more »