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Chesapeake Energy Corp Announces Agreement to Sell Substantial Majority of Remaining Midstream Assets for $2.16 Billion to Access Midstream Partners, L.P.

Tuesday, 11 Dec 2012 05:36pm EST 

Chesapeake Energy Corp announced it has entered into a definitive agreement to sell a substantial majority of its remaining midstream assets to Access Midstream Partners, L.P. for approximately $2.16 billion. These midstream assets are located primarily inChesapeake Energy's Marcellus, Utica, Eagle Ford, Haynesville and Niobrara shale plays. The transaction with Access includes new market-based gathering and processing agreements covering various acreage dedication areas and is expected to close by the end of 2012. Additionally, Chesapeake Energy has recently completed the sale of other midstream assets in Oklahoma and Texas during the 2012 fourth quarter for approximately $175 million. Finally, Chesapeake anticipates completing the sale of its remaining midstream assets, including Mid-Continent and other assets, by the end of the 2013 first quarter for approximately $425 million, bringing the total of current and anticipated midstream asset sales to $2.75 billion. Including the approximate $2.125 billion of midstream asset sales completed in the 2012 second and third quarters, the proceeds from Chesapeake Energy's midstream exit are anticipated to total approximately $4.875 billion. 

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-0.66 -2.78%
26 Nov 2014