Griffith closed by saying that Timken, among other Ohio manufacturers, have become globally competitive in their markets, which has helps grow Ohio's economy.
Utica Shale Revolution
For his second "Executive Decision" segment, Cramer went on location with Aubrey McClendon, president and CEO of Chesapeake Energy (CHK), an oil and natural gas producer at the heart of Ohio's Utica Shale revolution.
McClendon said that four years ago, the world didn't even know the Utica Shale formation existed. Even then he was explaining to leaders in Washington that American natural gas could transform our nation.
He said natural gas can not only lower the price of American energy, but also improve our environment and dramatically change our foreign policy landscape. He also pointed out that oil imports are already at five years lows, and he expects that trend to continue.As for Utica's significance to Ohio, McClendon said that sitting directly between Pittsburgh and Cleveland is the area where American manufacturing began, and now the natural gas revolution is once again bringing hope and high-paying jobs to a region often deemed "the rust belt." He said whether you're a PhD or just enjoy working with your hands, Chesapeake has high-paying opportunities for you. Turning to Chesapeake's transition from an exclusive natural gas producer to one with an oil and gas mix, McClendon admitted it's been a difficult year for his company. He said Chesapeake was a top 30 oil producer just two years ago and now sits at number 12, but ultimately he plans for the company to break into the top five within another two to three years. Many investors don't think the company can do it with gas prices so low, he said, which is why nearly 14% of Chesapeake shares are currently sold short. McClendon described Chesapeake as now transitioning from the "capture" phase to the "harvest" phase, as it now has all the right assets in the right places and can deliver for shareholders. He said Chesapeake also made many changes in its corporate governance to address investor concerns.
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