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Energy

Chesapeake Plans to Shed More Assets

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By Paul Ausick Published
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Natural gas producer Chesapeake Energy Corp. (NYSE: CHK) has reportedly struck a deal to sell about 504,000 net acres of leasehold in the northern part of the Denver-Julesburg (DJ) basin, which stretches across parts of Colorado, Wyoming, and Nebraska. Last year Chesapeake sold 800,000 acres in the same area to Cnooc Ltd. (NYSE: CEO) for about $1.3 billion, which included about $700 million in funding costs.

Chesapeake plans to sell some $11.5 billion in assets by the end of the year as it tries to shore up its finances. The company has also said it would sell oil-rich assets in the Permian Basin of Texas and spin-off a royalty trust to develop its Mississippian Limestone deposits.

Shares of Chesapeake are up about 1% at $15.25 in a 52-week range of $13.32-$35.75.

Contact [email protected] for any questions or corrections.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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