Chesapeake Energy Done Selling Off After Unloading Utica Shale Assets

From The Canton Repository:
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.

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.
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