The French giant exercised its pre-emption rights, which were tied to its joint-venture contract with Chesapeake, to buy the stake a month after Saddle reached an initial agreement with Chesapeake to take control of its Barnett acreage in return for payment to renegotiate the onerous midstream contracts associated with it.
Under the terms of the agreement, Chesapeake will pay midstream giant Williams $334 million and Total will pay another $420 million to Williams to scrap the contract governing about 80% of the volumes the pair produce in the Barnett.
The
