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Chesapeake Energy is Selling Oil, Gas Acres In Michigan

By Ben Lefebvre Chesapeake Energy Corp. (CHK) is selling 450,000 net acres in oil-and-gas fields in north-central Michigan, the third parcel of land the cash-strapped company has put up for sale in just over a week, an advisory firm said Thursday. The Oklahoma City natural-gas company is trying to raise money to rein in an estimated $10 billion cash shortfall brought on as natural-gas prices have tumbled. Last week, Chesapeake put up for sale oil-and-gas acreage in Ohio and eastern Texas; the company also has been trying to sell land in the oil-rich Permian Basin in west Texas and Mississippi Lime basin in Kansas and Oklahoma. The latest parcel includes land in the Collingwood and A-1 formations that offer the potential for production of oil and natural-gas liquids, according to the prospectus offered by Meagher Energy. Chesapeake, the country's second-largest natural-gas producer after Exxon Mobil Corp. (XOM), is trying to focus production on oil and natural-gas liquids as natural-gas prices fell to a decade low of $1.90 a million British thermal units in late April. It also is trying to cut its long-term debt to around $9.5 billion from more than $13 billion in the first quarter. Chesapeake completed $2.6 billion in asset sales in April. The assets the company has since put up for sale could be valued at another $15 billion, although buyers for natural-gas assets could be difficult to find, analysts have said. Last month, Chesapeake secured $4 billion in loans from Goldman Sachs Group Inc. (GS) and Jefferies Group Inc.'s (JEF) Jefferies & Co. Write to Ben Lefebvre at ben.lefebvre@dowjones.com

Stock News for Chesapeake (CHK)
DateTimeHeadline
12/02/201618:07:00Rosen Law Firm Reminds Chesapeake Energy Corporation Investors...
12/02/201616:05:00Chesapeake Energy Corporation Announces Changes To Board Of Directors
11/25/201609:30:00INVESTOR ALERT: Levi & Korsinsky, LLP Reminds Shareholders of...
11/23/201610:26:00CHK ALERT: Rosen Law Reminds Chesapeake Energy Corporation Investors...
11/21/201610:28:00CHK SHAREHOLDER ALERT: The Law Offices of Vincent Wong Reminds...
11/15/201609:46:00CHK INVESTOR ALERT: The Law Offices of Vincent Wong Reminds Investors...
11/11/201618:32:00EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class...
11/11/201610:51:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Reminds Shareholders...
11/09/201614:33:00CHK SHAREHOLDER ALERT: The Law Offices of Vincent Wong Notifies...
11/07/201611:50:00EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class...
11/06/201608:00:00DEADLINE ALERT: Brower Piven Alerts Shareholders Of Upcoming...
11/03/201608:50:00Chesapeake Energy Results Not as Bad as Feared
11/03/201608:35:00Chesapeake Energy Results Not as Bad as Feared, Shares Higher
11/03/201607:00:00Chesapeake Energy Corporation Reports 2016 Third Quarter Financial...
10/28/201617:46:00Lifshitz & Miller Law Firm Announces Investigation of Alnylam...
10/19/201618:40:00Chesapeake Energy to Revise Wyoming Pact
10/19/201616:15:00JV Partners Crestwood Equity & Williams Partners Announce Agreement...
10/17/201615:06:00INVESTOR ALERT: Brower Piven Encourages Shareholders Who Have...
10/17/201607:00:00Chesapeake Energy Corporation To Host 2016 Analyst Day, Provides...
10/14/201620:00:00SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with...

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