•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    Chesapeake to sell most of its remaining midstream assets for $2.2 billion

    Oklahoma City-based Chesapeake Energy Corporation (NYSE:CHK) said Dec. 11 that it has entered into a definitive agreement to sell a substantial majority of its remaining midstream assets to Access Midstream Partners LP (NYSE:ACMP) for approximately $2.16 billion. These midstream assets are located primarily in the company’s Marcellus, Utica, Eagle Ford, Haynesville, and Niobrara shale plays.

    The transaction with Access includes new market-based gathering and processing agreements covering various acreage dedication areas and is expected to close by the end of 2012.

    In addition, Chesapeake has recently completed the sale of other midstream assets in Oklahoma and Texas during the 2012 fourth quarter for approximately $175 million.

    Chesapeake says it anticipates completing the sale of its remaining midstream assets, including Mid-Continent and other assets, by the end of the 2013 first quarter for approximately $425 million, bringing the total of current and anticipated midstream asset sales to $2.75 billion.

    Including the approximate $2.125 billion of midstream asset sales completed in the 2012 second and third quarters, the proceeds from the company’s midstream exit are anticipated to total approximately $4.875 billion.

    Jefferies & Company, Inc. and Goldman, Sachs & Co. are serving as financial advisors to Chesapeake on its midstream transactions.

    Most Popular

    Related Articles

    MarkWest appoints Stice to board of directors

    05/19/2015 MarkWest Energy Partners LP has appointed J. Mike Stice to serve as a member of the board of directors of MarkWest’s general partner, MarkWest Energy GP LLC. Stice will stand for election at MarkWe...

    Patterson joins Chesapeake in EVP role

    05/04/2015 Frank Patterson is joining Chesapeake Energy Corp. as executive vice president of exploration, land, and subsurface technology. Patterson replaces John Kapchinske, who recently retired from the com...

    SandRidge appoints Suter as SVP of production

    04/24/2015

    SandRidge Energy Inc. has appointed John Suter as senior vice president of production, effective April 27.

    AELP adds new executive members to team

    04/22/2015 American Energy Partners LP (AELP) has hired Scott D. Sachs as senior geoscience executive advisor, James C. Johnson as senior marketing and midstream executive, and Traci D. Cook as chief accounti...

    Chesapeake appoints Querrey to board of directors

    04/07/2015 Chesapeake Energy Corp. has appointed Kimberly K. Querrey to the company’s board of directors. Querrey will serve as a member of the Audit Committee and will stand for reelection at the 2015 annual...

    DW: US shale gearing up for price recovery

    04/06/2015

    Douglas-Westwood (DW) commented on “US shale – Gearing up for a price recovery” in its latest edition of DW Monday.

    More Oil & Gas Financial Articles

    MarkWest appoints Stice to board of directors

    Tue, May 19, 2015

    MarkWest Energy Partners LP has appointed J. Mike Stice to serve as a member of the board of directors of MarkWest’s general partner, MarkWest Energy GP LLC. Stice will stand for election at MarkWest’s 2016 Annual Meeting of Common Unitholders.

    Patterson joins Chesapeake in EVP role

    Mon, May 4, 2015

    Frank Patterson is joining Chesapeake Energy Corp. as executive vice president of exploration, land, and subsurface technology. Patterson replaces John Kapchinske, who recently retired from the company.  

    SandRidge appoints Suter as SVP of production

    Fri, Apr 24, 2015

    SandRidge Energy Inc. has appointed John Suter as senior vice president of production, effective April 27.

    AELP adds new executive members to team

    Wed, Apr 22, 2015

    American Energy Partners LP (AELP) has hired Scott D. Sachs as senior geoscience executive advisor, James C. Johnson as senior marketing and midstream executive, and Traci D. Cook as chief accounting officer.

    Chesapeake appoints Querrey to board of directors

    Tue, Apr 7, 2015

    Chesapeake Energy Corp. has appointed Kimberly K. Querrey to the company’s board of directors. Querrey will serve as a member of the Audit Committee and will stand for reelection at the 2015 annual meeting of shareholders on May 22.

    OGFJ photo of the day


    Click to view slideshow

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ