WSJ: 'Undisclosed' Chesapeake debt looms
A US report contends that the embattled Chesapeake Energy has “previously unreported liabilities” summing to $1.4 billion resulting from a programme that allowed it to exchange future oil and gas production for cash up front.
The Wall Street Journal analysed 10 of the company’s Volumetric Production Payment agreements and projected that the costs associated with the arrangements was far higher than $600 million over 10 years previously estimated.
The spin-off of the oil-services unit, known as Chesapeake Oilfield Operating, will relieve the parent company of about $1 billion in debt.
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Chesapeake Energy is adding to its list of properties on the block. The energy company is selling oil and gas assets in Colorado and Wyoming, WSJ is reporting, its latest asset sale plan in a quest to raise up to $11.5 billion.