Chesapeake Energy seeking to unload Eagle Ford acreage: press
US shale company Chesapeake Energy is looking to offload its acreage in the Eagle Ford basin in Texas for as much as $2bn, the Bloomberg news service reported April 30.
Citing people familiar with the matter who were speaking about private discussions on condition of anonymity, Bloomberg reported the company wants to sell the 220,00 acres of oil and gas leases it owns across the south Texas basin.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
The report said Chesapeake is currently working with advisors on the potential sale.
Once among the more influential shale oil and gas companies in the world, Chesapeake has experienced a steady series of corporate setbacks.
In June, the company joined the growing rank of energy companies buckling under the economic pressure of the Covid-19 pandemic and filed for Chapter 11 bankruptcy protection.
The company exited bankruptcy in January, but announced the abrupt departure of CEO Dough Lawler on April 29 after nearly a decade in the front office.
Chesapeake was founded by Aubrey McLendon and Tom Ward in the 1980s, leading pioneering efforts in the US shale boom. McLendon stepped down as CEO in 2013 and the company he helped found later sued him on charges of misappropriating funds.
McLendon died in a single-vehicle crash in 2016. At its peak, Chesapeake was the second largest US gas producer behind ExxonMobil, but it overextended itself, racking up $13bn in debt by the time Lawler took over as CEO.