(Reuters) -Chesapeake Energy Corp has executed an agreement to sell a portion of its remaining Eagle Ford asset to INEOS Energy for $1.4 billion, the U.S. oil and gas exploration and production company said on Tuesday.
The portion includes 172,000 net acres and about 2,300 wells in the Eagle Ford asset, with average net daily production of about 36,000 barrels of oil equivalent (boe) during the fourth quarter of 2022.
Net proved reserves associated with these properties were about 144 million barrels of oil equivalent as of Dec. 31, the company added.
“Today marks another important step on our path to exiting the Eagle Ford as we focus our capital on the premium, rock, returns and runway of our Marcellus and Haynesville positions,” Chief Executive Officer Nick Dell’Osso said in a statement.
The transaction is expected to close in the second quarter of 2023.
The Oklahoma-based company last month had agreed to sell another part of its operations in south Texas to private equity-owned WildFire Energy for $1.43 billion in cash.
(Reporting by Arshreet Singh; Editing by Shailesh Kuber)
