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Linn Energy, LLC (LINE) Message Board

  • rlp2451 rlp2451 Oct 23, 2012 8:13 AM Flag

    CHK Completes Permian Asset Sales; LINE Not a Buyer

    Chesapeake Energy Corp. (CHK) said Monday that it has completed the sale of its previously announced asset packages in the Permian Basin.

    The company sold its southern Delaware Basin assets in the Permian Basin to SWEPI LP, a subsidiary of Royal Dutch Shell plc (RDS-B); its northern Delaware Basin portion of the Permian Basin to Chevron U.S.A. Inc., a subsidiary of Chevron Corp. (CVX); and its producing assets in the Midland Basin portion of the Permian Basin to affiliates of Houston-based EnerVest, Ltd.

    The Permian Basin assets sold produced about 21,000 barrels of liquids and 90 million cubic feet of natural gas per day during the 2012 second quarter, or about 5.7% of Chesapeake's production during the quarter.

    Total combined net proceeds from the three deals, inclusive of preferential rights exercised by other parties, are about $3.3 billion, of which Chesapeake received about $2.8 billion in cash at closing. Payment of the remaining proceeds will be subject to certain title, environmental and other standard contingencies.

    With the net proceeds from the Permian deals along with various other asset sale proceeds, Chesapeake Energy will reduce the total outstanding balance on its existing term loans from $4.0 billion to about $1.2 billion by the end of October. The company plans to fully repay the term loans by year-end 2012.

 
LINE
10.26+0.13(+1.28%)Jan 30 4:00 PMEST

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