Chesapeake Energy Corp. agreed to sell oil and natural-gas assets for $6.9 billion in a series of transactions that will narrow a cash-flow shortfall threatening to crimp the company’s drilling and production goals.
Shares of Chesapeake were underwater after announcing that it is the subject of an investigation over possible criminal antitrust violations related to the purchase and lease of oil and gas properties in Michigan.
Slumping oil and natural-gas prices threaten to exacerbate a cash crunch at Chesapeake Energy Corp., adding to pressure on Chief Executive Officer Aubrey McClendon to sell oilfields from Texas to Ohio.
Chesapeake Energy Corp. made $5.5 billion in pretax profits since its founding more than two decades ago. So far, the second-largest U.S. natural-gas producer has paid income taxes on almost none of it.
Chesapeake Energy Corp. named former ConocoPhillips Chairman Archie Dunham to lead its board as the second-largest U.S. natural-gas producer struggles with falling energy prices and mistrust of its management.