Chesapeake Energy Corp. said it’s raising $500m by selling assets in US natural gas fields in the Powder River in Oklahoma known as the Mississippian Lime. One of the sales has closed and the other two are expected by the end of the second quarter, it said. Chesapeake has been shedding billions in assets and thousands of employees to cope with a debt load that once exceeded its market value. The assets include 3,000 wells that were about 75% gas-producing.
Chesapeake Energy Corp. said it’s raising $500m by selling assets in US natural gas fields in the Anadarko Basin in Oklahoma known as the Mississippian Lime. One of the sales has closed and the other two are expected by the end of the second quarter, it said. Chesapeake has been shedding billions in assets and thousands of employees to cope with a debt load that once exceeded its market value. The assets include 3,000 wells that were about 75% gas-producing.