Chesapeake closes Permian asset sales

Chesapeake Energy Corp. has closed three sales of interests in the Permian basin (OGJ Online, Sept. 12, 2012).

It sold interests in the southern Delaware basin to Shell subsidiary SWEPI LP, in the northern Delware basin to Chevron USA Inc., and in the Midland basin to affiliates of EnerVest Ltd. for combined net proceeds of $3.3 billion.

The properties produced 21,000 b/d of liquids and 90 MMcfd of natural gas during the second quarter this year, Chesapeake said.

Chesapeake will use proceeds from these and other asset sales to reduce its term-loan balance by $4 billion by the end of October. It said it will fully repay remaining term-loan debt of $1.2 billion by yearend.

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