Chesapeake Energy said Wednesday the pending sale of its Utica Shale acreage would be the company’s last major asset sale in a strategy to reduce the driller’s debt.Click here to read more of this story.
Chesapeake released its second-quarter earnings Wednesday and held its first conference call with financial analysts since announcing the Utica sale last week.
Oklahoma City-based Chesapeake closed the quarter with a net loss for stockholders of $40 million or 4 cents per diluted share.
The company’s quarterly production averaged 530,000 barrels of oil equivalent per day, nearly the same as a year ago. Utica Shale wells contributed one-fifth of production.
Chesapeake has a deal to sell its 933,000 Utica acres in Ohio to Encino Acquisition Partners of Houston for $2 billion.
The deal, expected to close in the fourth quarter, also calls for Chesapeake to get another $100 million based on future natural gas prices.
Connect with us on Facebook and Twitter!