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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
02/09/201617:02:00MARKET SNAPSHOT: U.S. Stocks End Flat After Seesaw Session Amid...
02/09/201616:56:00MARKET SNAPSHOT: U.S. Stocks End Flat After Seesaw Session Amid...
02/09/201615:50:00MARKET SNAPSHOT: U.S. Stocks Turn Positive As Materials, Health...
02/09/201613:25:00MARKET SNAPSHOT: U.S. Stocks Retreat, Led By Energy Sector, As...
02/09/201610:59:00MARKET SNAPSHOT: Tech Stocks Gain, Energy Plays Drops As Benchmarks...
02/09/201610:16:00MARKET SNAPSHOT: U.S. Stocks Struggle To Push Higher Amid Global...
02/09/201603:02:00Chesapeake Woes Rattle Pipeline Partners
02/08/201620:14:00Chesapeake Says It Doesn't Plan to Pursue Bankruptcy -- 3rd Update
02/08/201617:19:00Chesapeake Says It Doesn't Plan to Pursue Bankruptcy -- 2nd Update
02/08/201616:42:00Dow Pares Losses to End Volatile Session Off 1.1%
02/08/201616:22:00Stocks Pare Losses Ahead of Closing Bell
02/08/201613:30:00Chesapeake Says It Doesn't Plan to Pursue Bankruptcy -- Update
02/08/201613:21:00Stocks Sink as Bank, Energy Shares Tumble
02/08/201612:53:00MARKET SNAPSHOT: Stocks Battered Again; S&P On Track For Lowest...
02/08/201612:20:00Chesapeake Says It Doesn't Plan to Pursue Bankruptcy
02/08/201612:10:00Chesapeake Says It Doesn't Plan to Pursue Bankruptcy
02/08/201611:35:00MARKET SNAPSHOT: Stocks Drop On Global Growth Fears; Dow Down...
02/08/201611:18:00Chesapeake Energy Corporation Statement
02/08/201611:02:00MARKET SNAPSHOT: U.S. Stocks Tumble To 22-month Low As Energy...
02/03/201608:00:00Chesapeake Energy Corporation Provides 2015 Fourth Quarter And...

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