Aubrey McClendon's American Energy Partners buys 74,000 Utica acres in Ohio from Hess Corp. for $924 million

The Wall Street Journal reports that former Chesapeake Energy executive Aubrey McClendon's new private venture, Oklahoma City-based American Energy Partners LP, recently struck a deal with New York-based Hess Corp. to purchase 74,000 of its Utica acres in Ohio for $924 million. At almost $12,500 per acre, the holdings represent Hess's Utica dry gas acreage (See our Jan 29, 2014, blog post for more information). Hess CEO John B. Hess said that while their dry gas wells in that area have been highly productive, company executives "concluded that the potential returns from such an investment, at current and projected natural gas prices, no longer justified retaining this acreage as a strategic part" of the company's overall liquids-based asset portfolio, Rigzone.com reports.

National, Ohio