Chesapeake Energy to Exit Barnett, Birthplace of Shale Boom

August 10, 2016 9:06 PM

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Chesapeake Energy Corp. agreed to give away its Barnett Shale holdings to a private-equity backed operator, exiting the birthplace of the shale revolution to escape almost $2 billion in onerous pipeline contracts.

Chesapeake will convey all interests in the Barnett region in North Texas to First Reserve Corp.-backed Saddle Operating LLC, according to a statement. Quitting the gas fields will slash Chesapeake’s shipping and processing costs by $715 million between now and the end of 2017 and eliminate a total ...

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