American Energy Partners spends $4.25B on shale

American Energy Partners LP, the company formed by former Chesapeake Energy Corp. CEO Aubrey McClendon, agreed to buy shale acreage in the Marcellus, Utica and Permian Basin in three transactions for a total of $4.25 billion.

The combined purchased represents the biggest yet for American Energy created last year with a goal of amassing rights to drill into shale rock. The strategy made it the second-largest U.S. natural gas producer, according to Bloomberg Businessweek.

“McClendon is back,” said Fadel Gheit, an analyst with Oppenheimer & Co. in New York. “He’s making bets on the same type of assets he did at Chesapeake. The guy is consistent.”

Read more from Bloomberg Businessweek.