Chesapeake Energy told the WSJ that it would sell another $4 billion of assets
Friday morning, this time shedding its pipeline operations in three separate
deals.
The natural-gas giant says the sales will reduce its
capital-expenditure budget by $3 billion over the next three years, notable
given the company’s free-spending ways have been among the concerns investors
have raised recently.
The biggest chunk of Friday’s deal is a $2 billion sale of
Chesapeake’s stake in Chesapeake Midstream Partners to Global Infrastructure
Partners, a private-equity firm. The
sale marks a strategic shift for the company, which has long boasted of its
vertical integration, and show the extent the company is scrambling…..
Find out more at http://blogs.wsj.com/deals/2012/06/08/chesapeake-to-shed-pipeline-operations-as-sales-continue/?mod=WSJ_markets_liveupdate
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