Chesapeake Energy, the beleaguered shale oil and gas producer, announced a $1 billion sale of shale leases to Dallas-based EXCO Resources this week as part of its strategy to raise cash by divesting between $4 and $7 billion worth of assets in 2013.
“[This] announcement brings our year-to-date asset sales signed or closed to approximately $3.6 billion which, combined with forecast net operating cash flow, enables Chesapeake to fully fund its 2013 capital expenditure budget,” Chief Executive Doug Lawler said in a statement.
“Additional asset sales contemplated...
- You have reached an article available exclusively to subscribers
- Stay informed with exclusive, accurate and up-to-date energy news, analysis and intelligence. Sign up for 7-day trial access to this and more premium content. It's free!
- Get a free trial Already a subscriber? Sign in
