Chesapeake Plans To Sell Permian Basin Assets

Law360, New York (February 24, 2012, 7:52 PM EST) -- Chesapeake Energy Corp. is looking for joint venture partners or buyers for its Permian Basin oil fields in Texas, a deal that could net Chesapeake billions for investment in other oil-rich plays, the company's CEO said Wednesday.

Chesapeake CEO Aubrey McClendon told investors the cash proceeds would help Chesapeake achieve its goal of doubling capital expenditure in liquids-rich plays in 2012 as it moves away from natural gas.

“Our situation is just a real simple one: We're making a transition from strictly gas to oil, and...
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