$CHK Sells Assets to Bridge Cash Deficit

“Chesapeake Energy Corp. (CHK) agreed to sell portions of oil and natural-gas fields in the Permian Basin of Texas and New Mexico and other assets in a series of transactions for $6.9 billion, narrowing a cash-flow shortfall that threatened to crimp the Oklahoma City-based company’s drilling and production goals.

Chevron Corp. (CVX), Royal Dutch Shell Plc (RDSA) and EnerVest Ltd. will buy acreage in the Permian Basin for $3.3 billion, Chesapeake said in a statement distributed today. The Permian Basin holdings were the most-valuable of several assets Chesapeake Chief Executive OfficerAubrey McClendon put up for sale this year to raise cash, avoid a credit-rating downgrade and maintain debt covenants.”

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