The Shale Revolution: Aubrey McClendon & the Natural Gas Boom (Part 2)

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The Shale Revolution: Aubrey McClendon & the Natural Gas Boom (Part 2)

Dec 09, 2025

At the end of Part 1, Devon had just bought Mitchell Energy for $3.5B and locked in the technological innovation behind the shale revolution. But the real boom in drilling, debt, and production doesn’t kick off until a worldclass landman and dealmaker from Oklahoma City—Aubrey McClendon—decides to bet his career and wealth on natural gas being the defining fuel of the 21st century.

In this episode, we tell Aubrey’s story: from deep family roots in oil & gas to hustling as an independent landman in the brutal 1980s bust, to co-founding Chesapeake, taking it public in 1993, and doubling production year after year even as gas prices went nowhere. We follow the moment he and partner Tom Ward fly to San Jose to sit across the table from Calpine executives and realize just how much gas-fired power demand is coming—and why that meeting gives Aubrey the conviction to pivot Chesapeake almost entirely to gas in the late 1990s, just before Alan Greenspan warns Congress about tight natural gas supplies in the US.

We walk through how he uses every financing tool available—bank lines, high-yield bonds, converts, joint ventures, volumetric production payments, and massive midstream commitments—to plug billions in capital needs and amass premier shale positions in the Barnett, Marcellus, Permian and beyond.

We draw lessons on effective fundraising, capital cycles, commodity cycles and technological revolutions—and why going to the source for real market signals is still the best way to build conviction.