Chesapeake selling more midstream assets

Oklahoma City energy company selling midstream assets to Denver firm.
FROM STAFF REPORTS Modified: May 8, 2013 at 8:40 pm •  Published: May 9, 2013

Chesapeake Energy Corp. continues to chip away at its funding gap.

Chesapeake has struck a deal to sell some of its midstream assets in the Anadarko Basin in Oklahoma and Texas to MarkWest Energy Partners LP for $245 million in cash, the Denver-based company announced Wednesday.

The sale includes a cryogenic gas processing plant and 22 miles of gathering pipeline in Hemphill County, Texas, with additional assets in western Oklahoma.

Chesapeake is selling assets to raise as much as $7 billion this year. The company wants to pay off some of its debt, while filling a $3.5 billion budget shortfall.