Total to Acquire Chesapeake's 75% of Barnett Shale
September 09 2016 - 3:11AM
Dow Jones News
By William Horobin
PARIS--France's Total SA (TOT) said Friday it is exercising its
preemption right to acquire Chesapeake's 75% share in the jointly
held Barnett Shale, an operating area with production of around
65,000 barrels of oil a day in 2016.
Under the terms of the transaction, Chesapeake will pay $334
million to Williams, the gatherer and processor of 80% of the gas
from Barnett Assets.
Total will pay $420 million to Williams to restructure the
gathering agreement and a further $138 million to be released from
three midstream capacity reservation contracts.
Write to William Horobin at william.horobin@wsj.com
(END) Dow Jones Newswires
September 09, 2016 02:56 ET (06:56 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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