Chesapeake Energy CEO on CNOOC Deal
“The Chinese are coming,” Cramer said Monday, and “I think it’s good for everybody.”
He was referring in part the Chinese National Offshore Oil Corp.’s deal with Chesapeake Energy, which for $1.26 billion gives CNOOC a 33-percent stake in Chesapeake’s emerging oil field in Northeast Colorado and Southeast Wyoming. Everybody wins here, because China gets some much-needed oil and gas, while CHK gets money to pay down debt and finance the prohibitively expensive drilling process. And this comes just months after the two companies formed a separate joint venture back in October.
This is an interesting development, because as recently as 2005 the U.S. blocked China from buying Unocal. But now CNOOC will be drillings lots of wells, and putting lots of Americans to work as a result.
Cramer wanted to hear more about this deal. And he wanted to discuss the importance of America breaking its dependence on foreign oil, especially in light of what’s going on in Egypt. That’s why he asked Chesapeake Energy CEO Aubrey McClendon to appear on “Mad Money.” Watch the video to see the full interview.
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