Oklahoma-based Chesapeake Energy Corp. said on Monday it intends to seek as much as $12 billion from asset sales and joint ventures to cope with a cash crunch amid rising debt and tumbling natural gas prices.
Bloomberg News reported that the company is expecting to get between $10 billion and $12 billion for selling its assets in the oil and gas fields of the Permian Basin in Texas and New Mexico.
It also expects to get another $2 billion from two separate transactions involving advance sales of output in Texas and Oklahoma.
Chesapeake has said it intends to pursue the liquid-rich Utica shale in Ohio, but is curtailing its natural gas-only developments in other areas.
You can access the Bloomberg article here.
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.