The company has signed three purchase and sales agreement totalling $3.3bn with SWEPI, a subsidiary of 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.
The sale is expected to close in 30 days, subject to standard contingencies and approvals; the company will retain approximately 470,000 net acres of undeveloped leasehold in the Midland Basin.
Chesapeake’s midstream assets will be sold for $3.0bn; three sale agreements have been signed while a fourth will be signed soon.
Certain Mid-Continent midstream assets will be sold and certain oil gathering assets in the Eagle Ford Shale will be sold for combined proceeds of approximately $300m.
The transactions for midstream assets will close on 2012.
Chesapeake’s total proceeds from its midstream exit including previous sale of its limited and general partnership interests in Access Midstream Partners in June 2012 will be $5.0bn.
Noncore leasehold assets in the Utica Shale and various other areas have also been sold for approximately $600m; the company will own approximately 1.3 million net acres of leasehold in the Utica Shale, following the sale.
