Chesapeake to sell shale stake to CPPIB-backed EAP for $2 bln: Reuters
Chesapeake Energy Corp plans to sell all of its Ohio natural gas acreage to privately owned Encino Acquisition Partners (EAP) for about US$2 billion, Reuters reported. The sale to Houston-based EAP includes 320,000 net acres in Ohio’s Utica shale and 920 wells that currently produce about 107,000 barrels of oil equivalent per day. EAP is backed by the Canada Pension Plan Investment Board and Encino Energy Ltd. The deal is expected to close in Q4 2018. Last year, CPPIB said it would invest up to US$1 billion to buy oil and gas assets in the United States through the partnership with Encino Energy.
27 July 2018•3 mins read
