Chesapeake Energy sells part of Eagle Ford asset for $1.4 billion | – #Chesapeake #Energy #sells #part #Eagle #Ford #asset #billion

February 21 (Reuters) – Chesapeake Energy Corp (CHK.O) USAof oil and gas The exploration and production company said Tuesday that it will sell part of its remaining Eagle Ford assets to INEOS Energy for 1.4 billion the agreement to sell for dollars execution did.

This segment includes 172,000 net acres and approximately 2,300 wells in the Eagle Ford asset with production of approximately 36,000 barrels of oil equivalent (boe) through the fourth quarter of 2022.

Net proved reserves associated with these properties totaled approximately 144 million barrels of oil equivalent as of Dec. 31, the company added.

“Today’s exit from the Eagle Ford is another important step in our journey as we focus our capital on the reward, rock, return and runway of our Marcellus and Haynesville positions,” CEO Nick Dell’Osso said in a statement.

The transaction is expected to close in the second quarter of 2023.

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The Oklahoma-based company last month sold another portion of its south Texas operations to 1.43 billion dollars agreed to sell to private equity investor WildFire Energy for cash.

Reporting by Arshreet Singh; Edited by Shailesh Kuber

Our standards: Thomson Reuters Trust Principles.

2023-02-22 02:16:32
Source – reuters

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