Chesapeake Energy ( NASDAQ: CHK ) said Tuesday it agreed to sell part of its remaining Eagle Ford oil assets to INEOS Energy for $1.4B.
Chesapeake ( CHK ) said the deal includes 172K net acres and ~2,300 wells in the black oil portion of its Eagle Ford asset primarily in Dimmit, LaSalle and McMullen counties, along with related property, plant and equipment; average net production from the properties totaled ~36K boe/day in Q4.
The deal with Ineos raises Chesapeake's ( CHK ) divestitures in the Eagle Ford to $2.825B.
The company had said it wanted to divest its Eagle Ford assets focus on natural gas assets in the Appalachia region and the Haynesville basin of Louisiana and east Texas as part of its strategy to gain exposure to increasing exports of U.S. liquefied natural gas.
Chesapeake ( CHK ) announced last month it sold some Eagle Ford assets to driller WildFire Energy I LLC for $1.4B .
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Chesapeake Energy to sell Eagle Ford oil assets to Ineos in $1.4B deal