Chesapeake Energy Corporation, headquartered in Oklahoma City, has executed an agreement to sell its remaining Eagle Ford assets to SilverBow Resources for $700 million, bringing the total proceeds from its Eagle Ford exit to more than $3.5 billion.
Chesapeake has agreed to sell approximately 42,000 net acres and approximately 540 wells in the condensate rich portion of its Eagle Ford asset located in Dimmit and Webb counties, along with related property, plant and equipment. During the second quarter of 2023, average net daily production from these properties was approximately 29,000 barrels of oil equivalent (boe) (60% liquid) which generated approximately $50 million of EBITDAX. As of December 31, 2022, net proved reserves associated with these properties were approximately 124 million barrels of oil equivalent (mmboe).
Chesapeake expects the transaction will close, subject to certain regulatory approvals and consents, in 2023, with an effective transaction date of February 1, 2023.
(Source: Chesapeake Energy – Chesapeake Energy fracking job near Carrizo Springs, Eagle Ford/Ineos)