Chesapeake says it’s ready for recovery after big divestments

21 Dec 2016   Shale Gas, USA

Struggling shale company Chesapeake Energy said Tuesday it was anticipating a recovery next year after releasing a good portion of its non-core gas assets. The company said it sold another portion of its holdings in the Haynesville shale basin in Louisiana to rival Covey Park energy LLC for about $465 million. Doug Lawler, the company’s CEO, said total sales of Haynesville acreage so far have totaled almost $1 billion. “We will continue to pursue opportunities to strengthen our balance sheet in 2017,” he said in a statement . The company, which has headquarters in Oklahoma, in early February retained the services of longtime counsel Kirkland & Ellis to help manage debt and strengthen its balance sheet , targeting a 57 percent reduction in spending from 2015. In August, the company left the Barnett shale basin in Texas and earlier this month sold off […]

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