Chesapeake Looking to Sell Some Acreage in Ohio, Adviser Says

Date : 06/04/2012 @ 5:24PM
Source : Dow Jones News
Stock : Chesapeake Energy Corp. (CHK)
Quote : 4.69  -0.15 (-3.10%) @ 4:32PM

Chesapeake Looking to Sell Some Acreage in Ohio, Adviser Says

Chesapeake (NYSE:CHK)
Historical Stock Chart

5 Years : From Jul 2012 to Jul 2017

Click Here for more Chesapeake Charts.

By Ben Lefebvre

Chesapeake Energy Corp. (CHK) put large pieces of its holdings in Ohio oil fields up for sale Monday, assets that the cash-strapped company had said would yield some of the best oil it had drilled.

The 337,000 net acres in the Utica and Pleasant Trend fields are the latest land holdings that Chesapeake has put up for sale as it tries to rein in $13 billion in long-term debt. The acres are in oil-rich fields, however, just as Chesapeake tries to focus its production away from natural gas, prices of which are only recently up from a decade's low.

Chesapeake is selling the acres because the company is reducing its capital expenditure budget, according to documents the company sent Meagher Energy Advisors, an energy-asset-management firm. The changed budget is "altering the company's plans to develop all of its highly-prospective Utica acreage," Chesapeake said in the documents.

Write to Ben Lefebvre at ben.lefebvre@dowjones.com

Latest CHK Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.