Major energy firms have been stung by the sharp pullback in oil, and perhaps none have been hit harder than Chesapeake Energy. Its CEO was in the news Monday about a margin call, and he’s had to liquidate almost all of his stake in the company. And now there’s more collateral damage: Chesapeake is stopping work on Shale.TV.a video propaganda site it had set up to educate Texans on the joys of having energy drilling in their back yard. It had even hired Tommy Lee Jones for a 30-minute video called Citizens of the Shale.
A Chesapeake spokesperson offered the following spin to Reuters: “Given today’s economic challenges faced by our country and industry, it is the right decision as we focus our time and resources on exploration and production activities.”
We wonder how much they planned to invest in the site. A fact sheet (.pdf) for Shale.TV notes that at least one Texas news anchor left their full time job for the “web venture”. Oh, and if you really want to watch Citizens of the Shale, you can send out for a DVD and wait 2 weeks for delivery.
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