Chesapeake to sell midstream assets in various US shale plays

Chesapeake Energy Corp. plans to sell midstream assets in the Marcellus, Utica, Eagle Ford, Haynesville, and Niobrara to Access Midstream Partners for $2.16 billion in a transaction expected to close by Dec. 31.

The announcement is the latest in a series for ongoing divestitures for Chesapeake, which has faced financial, governance, and legal questions. The Oklahoma City-based independent previously said it seeks to cut its $14.3 billion in long-term debt to $9.5 billion (OGJ Online, Aug. 13, 2012).

Separately, Chesapeake also sold midstream assets in Texas and Oklahoma for $175 million.

Chesapeake anticipates completing the sale of its remaining midstream assets, including Midcontinent and other assets, by the end of the 2013 first quarter for $425 million.

Total proceeds from Chesapeake’s midstream exit are expected to reach nearly $4.9 billion when all the announced deals have been finalized.

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