Chesapeake Energy's $2.6 billion deal adds gas assets
Chesapeake Energy Corp. on Tuesday announced a $2.6 billion cash and stock deal to acquire Chief E&D Holdings and associated assets, a move that bolsters Chesapeake's position in the prolific Marcellus shale gas basin.
- Oklahoma-based Chesapeake also said it's selling assets in Wyoming's Powder River Basin to Continental Resources for $450 million.
The big picture: The deals "continue a consolidation trend across the US shale patch, where $66bn worth of transactions were announced in 2021, according to consultancy Enverus, as a leaner, more profitable sector emerges from the ashes of the oil crash," per the Financial Times.
On the international front, Shell "has made a significant oil and gas discovery at an closely-watched offshore well in Namibia which could spark a wave of investment in the southern African country," Reuters writes.