Natural gas producer Chesapeake Energy Corp. (NYSE: CHK) has reportedly struck a deal to sell about 504,000 net acres of leasehold in the northern part of the Denver-Julesburg (DJ) basin, which stretches across parts of Colorado, Wyoming, and Nebraska. Last year Chesapeake sold 800,000 acres in the same area to Cnooc Ltd. (NYSE: CEO) for about $1.3 billion, which included about $700 million in funding costs.
Chesapeake plans to sell some $11.5 billion in assets by the end of the year as it tries to shore up its finances. The company has also said it would sell oil-rich assets in the Permian Basin of Texas and spin-off a royalty trust to develop its Mississippian Limestone deposits.
Shares of Chesapeake are up about 1% at $15.25 in a 52-week range of $13.32-$35.75.
Take Charge of Your Retirement In Just A Few Minutes (Sponsor)
Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance—and SmartAsset’s made it easier than ever for you to connect with a vetted financial advisor.
Here’s how it works:
- Answer a Few Simple Questions. Tell us a bit about your goals and preferences—it only takes a few minutes!
- Get Matched with Vetted Advisors Our smart tool matches you with up to three pre-screened, vetted advisors who serve your area and are held to a fiduciary standard to act in your best interests. Click here to begin
- Choose Your Fit Review their profiles, schedule an introductory call (or meet in person), and select the advisor who feel is right for you.
Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.