Chesapeake Reaps $5.4B In Marcellus, Utica Asset Sale

By Igor Kossov (October 16, 2014, 2:54 PM EDT) -- Chesapeake Energy Corp. on Thursday said it has agreed to sell its assets in the Southern Marcellus Shale and Eastern Utica Shale to Southwestern Energy Co. for about $5.4 billion.

The land for sale includes 413,000 acres in northern West Virginia and southern Pennsylvania and contains 1,500 wells. The companies said they hope to close the deal by the end of the year, assuming they get all third-party consents.

"Today's announcement marks a major step in Chesapeake's transformation and a dramatic improvement in our financial strength," Chesapeake CEO Doug Lawler said in a statement. "Earlier this year, we committed to unlocking...

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