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.
