Chesapeake (CHK) CEO McClendon Has the Solution to America's Problems -Cramer
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Jim Cramer spoke with Chesapeake Energy (NYSE: CHK) CEO Aubrey McClendon recently, following his company's announcement that they entered a $1.3 billion joint venture with CNOOC (NYSE: CEO).
Commenting on the deal, McClendon said that it is the solution to many of the U.S.'s problems, which include importing too much oil and not having enough jobs. On jobs, McClendon said that the deal would create about 4,000 to 5,000 additional positions in the U.S., while allowing for the production of more oil.
Though he commented that the Chinese investment is to make money, McClendon notes that the Chinese also will take knowledge with them back to China in order to be able to find more oil and lower prices for everyone. In terms of U.S. assets, McClendon believes that there may be between 60 and 100 billion barrels of oil left in the U.S., worth as much as $10 trillion in revenues.
Commenting on his own company, McClendon said that Chesapeake is a collection of remarkable assets, which include large acreages of oil fields, midstream assets, and investments in dozens of smaller ventures. He thinks that shares could trade up to $56 or more, nearly double what the shares are at today.
Along with T. Boone Pickens, McClendon is behind converting U.S. heavy trucks to run on nat gas, saying that it would eliminate 5 million barrels of oil per day that we import from OPEC nations, as well as boost the U.S. economy and create a cleaner, greener environment.
Simply put, Cramer believes that Chesapeake shares are going higher. Shares of Chesapeake are 2.2% this afternoon, just coming off days' highs.
Commenting on the deal, McClendon said that it is the solution to many of the U.S.'s problems, which include importing too much oil and not having enough jobs. On jobs, McClendon said that the deal would create about 4,000 to 5,000 additional positions in the U.S., while allowing for the production of more oil.
Though he commented that the Chinese investment is to make money, McClendon notes that the Chinese also will take knowledge with them back to China in order to be able to find more oil and lower prices for everyone. In terms of U.S. assets, McClendon believes that there may be between 60 and 100 billion barrels of oil left in the U.S., worth as much as $10 trillion in revenues.
Commenting on his own company, McClendon said that Chesapeake is a collection of remarkable assets, which include large acreages of oil fields, midstream assets, and investments in dozens of smaller ventures. He thinks that shares could trade up to $56 or more, nearly double what the shares are at today.
Along with T. Boone Pickens, McClendon is behind converting U.S. heavy trucks to run on nat gas, saying that it would eliminate 5 million barrels of oil per day that we import from OPEC nations, as well as boost the U.S. economy and create a cleaner, greener environment.
Simply put, Cramer believes that Chesapeake shares are going higher. Shares of Chesapeake are 2.2% this afternoon, just coming off days' highs.
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