Breitling Oil and Gas Evening Podcast #151 September 17th, 2012

Chesapeake Energy has signed agreements to sell all of its midstream assets and certain noncore leasehold located in the US Permian basin for $6.9bn and use the proceeds to fully repay the company’s $4.0bn term loans.

The company has signed three purchase and sales agreement totaling $3.3bn with Royal Dutch Shell will acquire assets in the southern Delaware Basin portion of the Permian Basin.

Chevron U.S.A will acquire assets in the northern Delaware Basin portion; and affiliates of US-based EnerVest will acquire producing assets in the Midland Basin portion.

Assets which are being sold produced approximately 21,000 barrels of liquids and 90 million cubic feet of natural gas per day during the 2012 second quarter.

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