Texas shale basin left behind

12 Aug 2016   Shale Gas, USA

Leaving part of a Texas oil and natural gas shale basin will free up potentially more than a billion dollars in financial commitments, Chesapeake Energy said. Chesapeake, which has headquarters in Oklahoma, said it was exiting the Barnett shale basin in Texas, which could result in an increase in operating income by up to $300 million per year through 2019. It could also free up as much as $1.9 billion in commitments in the transit and refinery side of the energy sector for the company. Second-quarter revenue for Chesapeake declined 54 percent year-on-year and the loss was around $1.8 billion. The company said the primary driver of the loss was weak energy prices, which […]

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