American Energy to Shut After Founder Aubrey McClendon’s Death

  • Five companies spun off from AEP will continue to operate
  • McClendon died March 2 in vehicle crash after indictment

American Energy Partners LP, the firm created by Aubrey McClendon, will shut down following the shale pioneer’s death, the company said in a statement e-mailed by an outside spokeswoman.

McClendon, the charismatic founder of Chesapeake Energy Corp., raised $14 billion from Energy & Minerals Group, First Reserve Corp. and others in 2013 to found AEP after he was forced out of Chesapeake. The company acquired drilling rights in the U.S., Australia and Argentina. It then created several limited liability corporations to extract oil and natural gas from them.

Five of those companies, Ascent Resources LLC, White Star Energy LLC, Permian Resources LLC, Traverse Midstream LLC, and Heritage Resources Management LLC, will continue to operate, according to the statement.

McClendon died March 2 when the 2013 Chevy Tahoe he was driving slammed into a wall at 78 miles an hour (125 kilometers an hour) in Oklahoma City. The day before, a federal grand jury had indicted McClendon on bid-rigging charges related to his time at Chesapeake.

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