Reuters announces that Chesapeake Energy will spin off a portion of its South Texas operations for $1.4 billion

corporate financeenergy

Jan 18, 2023 at 9:21 p.m. 1 minute

Reuters was first to report that oil and gas exploration and production company Chesapeake Energy Corp has agreed to sell a portion of its South Texas operations to private equity-owned WildFire Energy for $1.4 billion in cash . After Reuters broke the news, Chesapeake officially announced the sale of its operations to WildFire. Oklahoma City-based Chesapeake has attempted to divest its entire South Texas operation to focus on natural gas production elsewhere in the United States. The deal it struck does not meet demands from activist investor Kimmeridge Energy Management, which is among the top 15 Chesapeake shareholders, that it exit South Texas entirely.

article tags

Topics of interest: corporate financeenergy

Type: Reuters best

Sectors: corporate finance

Regions: North America

Countries: US

Types of prizes: exclusivity

Story Types: Exclusive / Scoop

Media Types: text

Impact on the customer: Significant National History