Chesapeake Energy continued its sell-off of gas drilling operations in the Marcellus and Utica shales Thursday with its biggest withdrawal from Appalachia.
Pennsylvania’s biggest shale gas producer agreed to sell 435 shale wells, 1,100 conventional wells and the rights to drill in more than 400,000 acres to Houston-based Southwestern Energy Co. for $5.375 billion.
“I certainly think this is consistent with what we’ve seen from Chesapeake,” said Scott Hanold, an energy analyst at RBC Capital Markets.
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