Today, Reuters revealed that during the last three years McClendon has borrowed more than a billion dollars in order to pay the operating expenses of the wells that he participates in. For collateral, he has used his ownership in the wells – that is, the future production of the gas and oil.
Last week, Reuters broke some unsettling news about Chesapeake Energy CEO and self-proclaimed "world's biggest fracker" Aubrey McClendon. Over the last three years, Aubrey has taken out over a billion dollars in loans to finance Chesapeake's drilling operations. For collateral, he's used his stake in the very same wells he's taken out loans to finance.
Water Defense launches the first full Natural Gas Exxposed video. We need your help to make sure that everyone in America understands the human cost of natural gas drilling. Watch the video and share it with your friends.
Natural Gas Exxposed tells the stories of Americans whose lives have been devastated by gas drilling. All across the country, gas companies are poisoning water, tearing apart communities and destroying the American dream for thousands of families who can't protect their children from what comes out of the tap.
Tests by the Environmental Protection Agency of water in Dimock, Pennsylvania, found elevated levels of methane consistent with leakage from gas drilling nearby, according to scientists who reviewed the data.
At a Wall Street Journal conference last week, Chesapeake Energy CEO Aubrey McClendon told attendees: “I don’t know of any problem with air pollution from fracking in Fort Worth” Texas. McClendon peevishly referred to air pollution concerns raised by Riverkeeper President Paul Gallay [whom McClendon refused to share the stage with] as “environmental nonsense.” Well, read on. Then decide who’s spouting “nonsense”