Chesapeake is looking to sell South Texas shale assets
Published : Saturday, 1 May, 2021 at 10:42 PM Count : 291
People familiar with the plan say Chesapeake Energy Corporation, a once-powerful shale explorer that went bankrupt earlier this year, wants to sell its oil-producing assets in South Texas for about $2 billion, according to people familiar with the plan.
Oklahoma City-based builder pair Gall Ford is working with a pair of advisers to provide the property within the shell, people said, with people reluctant to be named as the discussions are private.
Once known for its aggressive growth through acquisitions during the Shell Boom, Chesapeake joined other manufacturers to file for bankruptcy protection last year after a devastating demand for electricity. In February the company came out of restructuring and CEO Doug Lola announced that it was “the new era of the shell”.
The potential sale comes at a time when the company has announced that Lola is leaving the company on April 30 after eight years.
Reuters had earlier announced plans for Eagle Ford Shell's assets. Chesapeake declined to comment.