UPDATE 1-Chesapeake mulls sale of assets in Oklahoma shale field - Bloomberg

Wed Mar 9, 2016 12:51pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

(Adds background, shares)

March 9 (Reuters) - Chesapeake Energy Corp is considering selling some of its assets in Oklahoma's Stack shale field, Bloomberg reported.

The company has held talks with advisers and potential buyers, Bloomberg reported on Wednesday, citing people familiar with the matter. (bloom.bg/1W9bWec)

Chesapeake was not immediately available for comment.

The company said last month that it planned to sell assets worth $500 million to $1 billion this year to reduce debt.

Asked if Stack shale assets were among those marked for sale, Chief Executive Doug Lawler had then said on a post-earnings call that the company did not have any current plans, but he had not ruled it out.

The Stack shale assets Chesapeake is considering selling could fetch $300 million-$700 million, Bloomberg reported, citing one of the people.

Chesapeake's shares were up about 7 percent at $4.61 in afternoon trading on Wednesday, mirroring a broad rally in oil and gas stocks due to higher crude prices. (Reporting by Amrutha Gayathri and Vishaka George in Bengaluru; Editing by Kirti Pandey)