March 28, 2018 / 2:37 PM / 7 months ago

Chesapeake Energy 'not desperate to sell assets': CEO

NEW ORLEANS (Reuters) - U.S. shale producer Chesapeake Energy Corp will not sell assets without getting good value, even as it works to repair its debt-laden balance sheet, its chief executive said on Wednesday.

FILE PHOTO - A Natural Gas rig operated by Chesapeake is pictured in Bradford County, Pennsylvania just outside the town of Wyalusing on January 13, 2013. REUTERS/Brett Carlsen

“We’re not desperate to sell assets and we’re not going to sell assets without getting good value,” CEO Doug Lawler said at the Scotia Howard Weil energy conference in New Orleans. “We know we need to improve the balance sheet, but we don’t have to sell anything in the near term.”

Chesapeake, which operates in the Marcellus shale of Pennsylvania as well as other U.S. shale plays, has been working to cull debt in recent years. Its current debt load stands at $9.97 billion, more than three times its market valuation.

Reporting by Ernest Scheyder; Editing by Chizu Nomiyama

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