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Chesapeake Reduces Debt by Selling Permian Assets

Chesapeake to sell Permian assets in 3 packages
Midland - As of the end of June, Chesapeake's debt stood at a reported $14.3 billion. But it looks like they're one step closer to getting some of that debt paid down.

Chesapeake has roughly 1.5 million acres in the Permian Basin. Those oilfield assets were of high interest to potential buyers, and now they're being sold in three different packages.
   
Although the deal isn't completely done, Houston-based EnerVest Ltd. has agreed to buy one of those Permian acreage packages. EnerVest Vice President Ron Whitmire says details regarding whether current jobs will stay in place has not yet been released.
   
Chesapeake Chief Executive Aubrey McClendon has been quoted saying they have two other acceptable bids on the other packages, and although the names of the potential buyers have not been released, he does say they're negotiating purchase and sale agreements.

Although no numbers have been confirmed, the Permian transactions and other deals will reportedly be completed by the end of September for a total of $7 billion. Chesapeake's shares soared this week after reporting the highest quarterly profit in company history.

Chesapeake Energy has been making headlines a lot over the past year. Earlier this summer, Big 2 News reported McClendon relinquished his title as Chairman of the Board after an incentive program came under fire.

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