Chesapeake Sells Remaining Eagle Ford Assets to SilverBow for $700M

Chesapeake Energy has cut a deal to sell the third and final portion of its remaining Eagle Ford assets to SilverBow Resources for $700 million. The deal includes approximately 42,000 net acres and approximately 540 wells in the condensate-rich portion of Chessy's Eagle Ford asset located in Dimmit and Webb counties (in Texas), along with related property, plant, and equipment. In 2018 Chesapeake, under the direction of then-CEO Doug Lawler, purchased 420,000 net acres in the Eagle Ford shale and Austin Chalk formations in Texas from WildHorse Resource Development Corp for $4 billion (see Chesapeake Now Gone from Ohio Utica; Spends $4B in Eagle Ford). The company grew its Eagle Ford assets with more purchases and eventually ended up with 610,000 acres. It took more than eight months, but Chessy has now unloaded all of those assets for a combined total of $3.5 billion. Losing only half a billion to unload the assets isn't so bad.

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