Chesapeake Energy has boosted its position in the gas-rich Marcellus shale in north-eastern US with the acquisition of privately held producer Chief Oil & Gas for about $2.6 billion.
The company also announced that it is divesting its oil-focused assets in Wyoming’s Powder River Basin to fellow Oklahoma City independent Continental Resources for $450 million.
The deals, coming almost a year after Chesapeake emerged from bankruptcy protection proceedings, highlight the recovery under way in the US onshore sector as oil and gas prices surge.
