American Energy Partners CEO Aubrey McClendon said Friday that the Oklahoma-based upstream’s subsidiaries will go public.
McClendon has raised about $10 billion to acquire gas fields in the last 16 months and is now planning to start a group of companies that will each specialize in a single U.S. shale region, Bloomberg said. This strategy is known as pure play.
McClendon said each company will have its own management and that he will “stand behind them.”
“They’ll go public,” McClendon said.
American Energy already has subsidiaries focused on shale plays and pipelines from the Appalachian region to the Great Plains.
McClendon said he is implementing a pure play strategy because it is preferred by the private equity groups backing American Energy.
He is also heading two blind pool investment vehicles that will collect drilling rights throughout the United States.
McClendon, 55, was fired from Oklahoma-based upstream Chesapeake Energy in 2013 after probes into conflicts of interest and a shareholder revolt led by the billionaire Carl Icahn.