WASHINGTON (dpa-AFX) - Chesapeake Energy Corp. (CHK) announced that it has entered into an agreement to sell its interests in the Utica Shale operating area located in Ohio for approximately $2.0 billion to Encino Acquisition Partners. The purchase price includes a $100 million contingent payment based on future natural gas prices. Chesapeake intends to use the anticipated net proceeds to reduce debt.
The company anticipates growing overall oil production approximately 10% year over year in 2019, adjusted for asset sales, with additional growth forecasted for 2020.
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