Reuters reveals Chesapeake Energy to offload part of south Texas operations for $1.4 bln – Reuters News Agency

Business & FinanceEnergy

Reuters was first to report that oil and gas exploration and production company Chesapeake Energy Corp agreed to sell part of its operations in south Texas to private equity-owned WildFire Energy for $1.4 billion in cash. After Reuters revealed the news, Chesapeake formally announced the sale of the operations to WildFire. Oklahoma City-based Chesapeake has been trying to divest its entire South Texas operations to focus on natural gas-producing acreage in other parts of the United States. The deal it has clinched falls short of meeting the demands of activist investor Kimmeridge Energy Management, which is among the 15 largest Chesapeake shareholders, to exit South Texas entirely.

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Topics of Interest: Business & FinanceEnergy

Type: Reuters Best

Sectors: Business & Finance

Regions: North America

Countries: US

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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