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Tuesday, November 10, 2015

Chesapeake Energy Trying to Sell Another $300 Million of Assets

From Columbus Business First:
Ohio's biggest shale driller plans to divest up to $300 million worth of its assets by early 2016. 
Chesapeake Energy Corp. is in the process of making several deals for holdings it doesn't consider strategically necessary. That figure does not include larger asset sales the Oklahoma City company is evaluating, CFO Nick Dell'Osso Jr. told analysts Wednesday morning. 
The No. 2 natural gas driller in the U.S. owns the rights to the most acreage in Ohio's Utica shale, about 1 million acres. It's exploring divestitures as part of its thinning-down strategy to combat falling oil prices that are more than half of what they were a year ago. 
In September it laid off about 15 percent of its national work force, including in Ohio.
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