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 firstname.lastname@example.org