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Large E&P Selling Eagle Ford Assets; 600k Net Acres
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In its 2Q report, Chesapeake Energy Corp. has signaled that it will be exiting all oil-focused ventures, which will result in a future sale of its robust Eagle Ford asset position.
In the future, the company will focus the bulk of its investments on shale gas assets in the Marcellus and Haynesville.
In the company's conference call, Chesapeake CEO Nick Dell'Osso commented on the development: "We believe today’s decision to reallocate capital from the Eagle Ford to the Haynesville, leading to the Eagle Ford becoming non-core to our future capital allocation strategy, is the next step.
"While the Eagle Ford is a strong asset, as we look to the future, it simply does not compete today with the exceptional returns, rock and runway of our gas assets. The Eagle Ford has become non-core to our…
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