The Wall Street Journal is reporting that an oil and gas company founded by the late Aubrey McClendon in Oklahoma could see a major development—-either a sale or an initial public offering.
The speculation centers on Ascent Resources LLC and the paper indicated the company anticipates aIn stock-market valuation of more than $3.5 billion. Sources reportedly told the paper the firm will most likely market itself to competitors. Company leaders are said to be in the process of interviewing bankers about such a move.
In the 19 months since McClendon’s death in a traffic crash, the company has gone from near default to a doubling of production and expansion of drilling exploration.
The Journal indicated Ascent received $1.5 billion in investments from private equity firms Energy and Minerals Group and First Reserve Corp., investments which helped reduce debts of the company.