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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
04/24/201517:35:21Chesapeake to Pay $25 Million to Settle Michigan Charges
04/24/201510:52:30Chesapeake Energy PT Lowered to $13.00 at Jefferies Group (CHK)
04/22/201503:34:40Chesapeake Energy Receives New Coverage from Analysts at Nomura...
04/19/201510:18:035 Megatrends in Energy
04/15/201515:05:15How to Make a Portfolio of Natural Gas Stocks
04/15/201514:30:02How to Make a Portfolio of Natural Gas Stocks
04/15/201510:57:49A New Twist For Aubrey McClendon
04/15/201503:16:22Aubrey McClendon's Financier Settles Lawsuit With Chesapeake...
04/14/201516:01:00Chesapeake Energy Corp. Announces Release Date & Conference Call...
04/13/201519:33:15Priced To Imperfection: Natural Gas Undervalued And Poised To...
04/12/201503:18:23Why Chesapeake Energy Is A Buy For The Long Term
04/10/201510:25:133 Reasons Why Chesapeake Energy Corporationâs Stock Plunged 1...
04/09/201519:21:20Study finds rising radon levels in Pennsylvania homes amid fracking...
04/07/201516:01:00Chesapeake Energy Corporation Appoints Kimberly K. Querrey to...
04/06/201506:04:01Insider Weekends - April 3, 2015
04/04/201509:00:02The Biggest Mergers and Acquisitions in Natural Gas Stocks
04/02/201509:34:30Chesapeake Energy Gets No Love, Except From An Insider
04/02/201502:40:47First Quarter Large Cap Winners And Losers
04/01/201514:58:21Earthquake Case Could Doom Fracking in Oklahoma
04/01/201509:10:34Chesapeake chairman buys 1M shares worth nearly $14M

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