Fire Sale Begins: Chesapeake Sells Midstream Assets for $4B

Chesapeake Energy announced today that they have sold their midstream assets, including their Chesapeake Midstream subsidiary, to Global Infrastructure Partners for a total deal worth $4 billion. Chesapeake’s midstream assets include pipelines and processing plants. The announcement comes just prior to their annual meeting being held today in Oklahoma City and no doubt is an effort by Aubrey McClendon to tamp down criticism of the mountain of debt the company has piled up under his watch.

The company has also put other assets, including 337,000 acres of Utica Shale acreage, on the auction block in a bid to reduce the debt load.

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