Chesapeake Energy to sell most of its assets for $6.9B

YOUNGSTOWN — Chesapeake Energy Corp. will sell nearly all its midstream operations, including those in the Utica Shale, as part of $6.9 billion in agreements.

The sale was announced around 8 a.m. today and includes multiple agreements.

In addition to the midstream assets, Chesapeake, based in Oklahoma, is also selling the vast majority of its properties within the Permian Basin and unidentified oil and gas leases within the Utica Shale.

Midstream is the gathering system that collects wet natural gas from the wellheads and transports it to a gas processing plant.

Part of the proceeds will be used to repay $4 billion in term loans during the fourth quarter of 2012, according to a Chesapeake release.

For the complete story, read Thursday’s Vindicator and Vindy.com