Chesapeake to sell Barnett land, renegotiate Williams contract

August 10, 2016 10:15 PM

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Chesapeake Energy Corp said on Wednesday that it would sell its Barnett shale acreage in Texas to private equity-backed Saddle Barnett Resources LLC and had renegotiated an expensive pipeline contract with Williams Partners LP , steps that should save more than $1.9 billion in future liabilities.

Wall Street cheered the news, and shares of Chesapeake rose 5.6 percent to $5.07 in after-hours trading.

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