Chesapeake Energy - Company Manages To Finalize A Significant Sale Before Year End

Shares of Chesapeake Energy (CHK) trade with gains of 1.5% inafter hours trading. The troubled natural gas exploration and production company announced to sell a majority of its midstream assets to Access Midstream Partners LP (ACMP) for $2.16 billion.

The Deal

Chesapeake Energy announced that it has entered into a definitive agreement to sell some key midstream assets located in Marcellus, Utica, Eagle Ford, Haynesville and Niobrara.

The cash-strapped energy company will receive approximately $2.16 billion for the assets. The deal includes new market-based gathering and processing agreements, and is expected to close by the end of this year.

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