Wednesday, October 01, 2014OKLAHOMA CITY -- Aubrey McClendon, president of American Energy Partners LP, has hired a former executive from his old company, Chesapeake Energy Corp., to run American Energy's Utica and Marcellus shale operations.
The company announced Monday that John Reinhart has been hired as chief operating officer for American Energy LLC-Utica and American Energy LLC-Marcellus. Reinhart, 45, served as Chesapeake's vice president operations-eastern division. In that position, Reinhart led the startup, growth and development of Chesapeake's Utica and Marcellus assets. Most recently, Reinhart was Chesapeake's senior vice president-operations and technical services.
The Utica and Marcellus subsidiaries of American Energy have built strong leasehold positions in the southern Utica in eastern Ohio and the Marcellus shale play in West Virginia. The companies plan to drill 3,000 wells in the two states over the next decade and plan to invest between $20 billion and $25 billion.
American Energy has thus far amassed 260,000 acres in the Utica.
McClendon formed American Energy Partners in late 2013, several months after he resigned as chairman of Chesapeake because of shareholder pressure, more than $1 billion in personal loans he leveraged through his stake in well assets, and Chesapeake's crushing debt.
Published by The Business Journal, Youngstown, Ohio.
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