As a part of its broader strategy to sell assets worth $7 billion this year to strengthen its balance sheet, Chesapeake Energy Corp. (NYSE: CHK) announced on Wednesday that it will sell part of its assets (Eagle Ford and Haynesville Shales) to Exco Resources Inc. (NYSE: XCO) for $1 billion. The move will bring much needed cash at a time when Chesapeake just like any other gas and energy company is reeling under pressure due to low prices amid supply glut. The deal is expected to close by end of this month.
Continue reading Exco Resources to Buy Chesapeake Assets Worth $1 Billion (CHK, XCO)