US risk takers drawn to Australian shale

Chicago

AUBREY McClendon, the wildcatter who pioneered the US shale revolution by going where big oil companies wouldn't, is at it again. This time in Australia.

Emboldened by the exodus of producers such as Chevron Corp and Statoil ASA from Australian shale, Mr McClendon and private-equity investor John Raymond are pouncing amid the rout in global crude prices and a dearth of other ready investors, said Fadel Gheit, an analyst at Oppenheimer & Co in New York.