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© Reuters. FILE PHOTO: A 3D printed oil barrels and oil pump jack are seen in entrance of displayed Chesapeake Power brand on this illustration taken January 25, 2022. REUTERS/Dado Ruvic/Illustration/File Picture
(Reuters) – Chesapeake Power (NYSE:) stated on Monday it could promote its remaining Eagle Ford property to SilverBow Sources (NYSE:) for $700 million, finishing its exit from the south Texas basin.
The deal takes the full proceeds to greater than $3.5 billion from Chesapeake’s gross sales of its property within the basin.
The corporate has agreed to dump about 42,000 internet acres and about 540 wells of its Eagle Ford asset positioned in Dimmit and Webb counties, together with associated property, plant and tools.
Chesapeake expects the deal to shut this 12 months.
In February, the gasoline producer agreed to promote a portion of its Eagle Ford asset to INEOS Power for $1.4 billion.
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