[Editor's note: A version of this story appears in the August 2018 edition of Oil and Gas Investor. Subscribe to the magazine here.]

In June, Ascent Resources LLC unveiled four agreements to acquire oil and gas properties from two E&Ps, Hess Corp. (NYSE: HES) and CNX Resources Corp. (NYSE: CNX), along with leasehold and mineral interests from Utica Minerals Development and a fourth undisclosed seller, for about $1.5 billion combined.

It was a bold statement for Ascent, which is staffed with some former executives of Chesapeake Energy Corp. (NYSE: CHK) who were on the team that discovered the Utica shale play, when the late Aubrey McClendon famously declared it would be “the greatest thing to hit Ohio since the plow.”

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