PERMIAN BASIN - Royal Dutch Shell purchased a slice of Chesapeake Energy’s Permian Basin acreage for $1.93 billion.
Shell will acquire 618,000 acres of land from Chesapeake with proven production of about 26,000 barrels of oil equivalent and that holds "significant growth potential" for future expansion, according to the company.
In addition to the Shell deal, Chesapeake said it would sell other parts of its Permian Basin acreage to Chevron Corp. and Houston-based EnerVest Ltd. In all, Chesapeake raised about $6.9 billion from the sales.
Read more at The Wall Street Journal.
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