American Energy Partners, LP
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| Private | |
| Industry | Oil and natural gas |
| Founder | Aubrey K. McClendon |
| Headquarters | Oklahoma City, Oklahoma, United States |
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Key people
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Aubrey K. McClendon, former chairman and CEO |
| Products | Natural gas, natural gas liquids and oil |
| Website | www |
American Energy Partners, LP, also known as AELP, is an American natural gas and oil company founded in April 2013 by Aubrey K. McClendon. The company manages affiliates responsible for natural shale gas and oil production and exploration in the United States, as well as management of assets, minerals, royalties and nonoperated properties. It is headquartered in Oklahoma City, Oklahoma, and employed over 450 people as of August 2015. AELP announced on May 18th, 2016 it would end operations and close by the end of summer 2016.
Oklahoma City businessman Aubrey K. McClendon founded American Energy Partners in April 2013 after leaving Chesapeake Energy Corporation, the company he co-founded and ran as CEO for 24 years.
AELP began with a staff of 12 based in Oklahoma City. In its first year, it generated $1.7 billion in funding to develop and drill approximately 110,000 net acres of the Utica Shale formation in Ohio. McClendon received initial financial backing in the form of $1.25 billion from The Energy & Minerals Group, founded and managed by John T. Raymond, and First Reserve Corporation.
During AELP's first two years, it focused on acquiring assets, building management teams and acquiring financing to enter natural gas and oil plays in Ohio, West Virginia, Oklahoma and Texas. The company created affiliates to focus on each of these areas. By the fall of 2014, AELP had raised a total of $14 billion in capital commitments to fund its acquisitions. Of that, $3.5 billion came from The Energy & Minerals Group. In February 2014, the company added to its initial 110,000 acres when it bought an additional 130,000 acres in the Utica Shale play; including 74,000 acres from Hess Corporation and 56,000 acres from ExxonMobil Corporation. That month, AELP also bought its first holdings in Oklahoma's Woodford Shale with the purchase of 120,000 acres from Calyx Energy II. In June 2014, the company acquired 63,000 acres of Texas' Permian Basin and 75,000 acres in Ohio's Utica Shale and West Virginia's Marcellus Shale plays from Enduring Resources II and HG Energy, respectively. AELP invested another $251 million into Oklahoma shale drilling in November 2014. By May 2015, the company's affiliates had acquired 600,000 net acres in four states through its series of acquisitions.
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Wikipedia