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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
09/19/201618:49:00Carl Icahn Sells More Than Half of Chesapeake Stake -- Update
09/19/201618:10:00Carl Icahn Sells More Than Half of Chesapeake Stake
09/19/201618:03:00Carl Icahn Sells More Than Half of Chesapeake Stake
09/18/201621:00:00Oklahomans Turn Out for Auction of McClendon's Wines
09/18/201616:49:00Oklahomans Turn Out for Auction of Aubrey McClendon's Wines
09/13/201607:00:00Chesapeake Energy Corporation Announces Final Results Of Cash...
09/13/201607:00:00Chesapeake Energy Corporation Announces Extension Of Expiration...
09/10/201603:02:00France's Total Expands in Texas -- WSJ
09/09/201614:50:00France's Total Buys Bigger Piece of Barnett Shale in Texas...
09/09/201614:46:00Correction to Total Barnett Shale Story
09/09/201604:20:00France's Total Takes Control of Barnett Shale in Texas
09/09/201604:09:00France's Total Takes Control of Barnett Shale in Texas -- Update
09/09/201603:11:00Total to Acquire Chesapeake's 75% of Barnett Shale
09/09/201603:02:00Pipeline-Deal Pursuit Ends -- WSJ
09/08/201619:46:00Enterprise Products Withdraws Its Interest in Williams -- 4th...
09/08/201618:42:00Enterprise Products Withdraws Its Interest in Williams -- 3rd...
09/08/201618:22:00Enterprise Products Withdraws Its Interest in Williams -- 2nd...
09/08/201617:37:00Enterprise Products Withdraws Its Interest in Williams -- Update
08/26/201607:00:00Chesapeake Energy Corporation Announces Early Results Of Cash...
08/26/201607:00:00Chesapeake Energy Corporation Announces Increase In Size Of Cash...

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