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Shale Gas Reserves Could Reignite U.S. Economy
In late 1998, Chesapeake Energy Corp. (CHK), an independent natural-gas producer based in Oklahoma City, exemplified an industry in decline. The company’s stock price had fallen over two years from above $34 a share to 75 cents. Its market value tumbled 93 percent, to $72 million. “They’re running up a down escalator,” Michael Spohn, an analyst at Petroleum Research Group, said. When Aubrey K. McClendon, Chesapeake’s chief executive officer and co-founder, announced he might sell the company, there was little interest, Bloomberg Businessweek reports in its Nov. 7 edition. Falling gas prices ... (full story)