Activist investor Carl Icahn on Monday reported a loss of $1.7 billion investment in 2015. This was a 18% down from previous year.
Two of the many energy related shares in Carl Icahn portfolio's plunged on Monday trade causing the activist investors a paper loss of $90 million. The two companies are Chesapeake Energy Corp. and Transocean Ltd.
Oklahoma-based energy company, Chesapeake Energy Corp said it had laid off about 15 percent of its employees and citing the low oil price and gas as the main reason for the move. The second-largest natural gas company in the U.S had laid off 740 workers on Tuesday so far.
Energy firm American Energy Capital Partners will go public to raise $2 billion in funds that will enable it to acquire and drill oil and gas assets in the United States. AECP is managed by a firm created by ex-Chesapeake Energy Corp. chief executive officer Aubrey McClendon.
Chesapeake Energy Corp chief executive officer Doug Lawler had started trimming company's assets and expenses to shift the company's focus to its core business.
Chesapeake Energy Corp would sell its oil and gas assets to Exco Resources for US$1 billion.
Chesapeake Energy shareholders soundly rejected the proposed leadership change process.
Billionaire investor Carl Icahn revealed he had bought a 7.6 percent stake in Chesapeake Energy Corp and called for the natural gas producer to replace at least four directors.