The numbers don't lie—but politicians and industry bigwigs do. While pundits still wax poetic about an era of American energy independence, Bill Powers sees productivity plummeting in almost every major shale play.
Aubrey McClendon is gone — or at least he's on his way out from Chesapeake Energy (CHK). But the destruction of the natural gas market is his real legacy, and not likely to be recovered from anytime soon.
Chesapeake Energy Corp. agreed to sell oil and natural-gas assets for $6.9 billion in a series of transactions that will narrow a cash-flow shortfall threatening to crimp the company’s drilling and production goals.
The price of natural gas hit a 10-year low in April, sinking to $1.91 per MMBtu on April 19. Since then, natural gas prices are on the rise. In fact, prices have surged nearly 50%, to around $2.75 per MMBtu over the past four months.