U.S. natural gas producer Chesapeake Energy said on Monday it would sell its remaining Eagle Ford assets to SilverBow Resources for $700 million, completing its exit from the south Texas basin.
The company's asset sales in the basin has generated total proceeds of more than $3.5 billion, including Monday's deal.
It had sold parts of its operations in Eagle Ford to WildFire Energy for $1.43 billion in January and some positions to chemical maker INEOS for $1.4 billion the following month. Chesapeake has agreed to offload about 42,000 net acres and about 540 wells of its Eagle Ford asset located in Dimmit and Webb counties, along with related property, plant and equipment.
SilverBow said the deal, expected to close by the end of this year, would make it the largest public pure-play Eagle Ford operator and would immediately add to key financial and operating metrics.
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