Chesapeake Energy selling billions in assets

OKLAHOMA CITY (AP) -- Chesapeake Energy is selling most of its Permian Basin properties in West Texas, its storage facilities and pipelines and some leasehold assets in multiple deals for about $6.9 billion in cash.

The Oklahoma City company is selling assets in the southern Delaware Basin portion of the Permian Basin to a Royal Dutch Shell PLC subsidiary. It's selling assets in the northern Delaware Basin to a Chevron Corp. subsidiary. Chesapeake previously announced it was selling assets that pump oil and gas in the Midland Basin to EnerVest Ltd. affiliates.

Chesapeake Energy Corp. plans to sell most of its pipeline and storage assets to Global Infrastructure Partners for about $2.7 billion.

The sales will help pay back $4 billion of term loans during the fourth quarter.

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