Chesapeake selling more acreage in Oklahoma, Texas
Chesapeake Energy Corp. has two more listings with broker Meagher Energy Advisors as it continues to sell assets to offset a looming budget gap.
The Oklahoma City-based oil and natural gas company has raised $11.1 billion from asset sales this year.
Chesapeake is trying to bring in $14 billion, plus another $19 billion next year, to fund its ongoing operations and reduce debt.
Some of Chesapeake’s smaller offerings have been handled by Meagher, including two recently posted listings.
The Oklahoma acreage — in Love, Carter, Bryan and Marshall counties — includes 42 wells, with net sales of 1.443 million cubic feet of natural gas and 6 barrels of oil a day over the past year. Chesapeake holds a net royalty interest of 21.39 percent in those wells.
The Texas wells are spread over more than 3,200 acres. Chesapeake’s gross production from those wells last year averaged 1.064 million cubic feet of gas and 52 barrels of oil a day.
Chesapeake also is selling about 28,000 acres in three western Oklahoma counties. That listing has been active since October.
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Chesapeake coverage on NewsOK:
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