Chesapeake DIVESTS Texas Acres, Cnooc and Nexen AGAIN: Energy Business Update
Chesapeake Energy Corporation (NYSE:CHK) will divest approximately 57,000 net acres in the Eaglebine formation in Texas for a price of $125 million, to the emerging oil and gas producer Energy & Exploration Partners. The seller is in the process of ridding itself of lots of oil and gas acreage to reinforce its finances and to decrease its capital spending commitments.
Cnooc Limited’s (NYSE:CEO) $15 billion takeover proposal for Canada’s Nexen, Inc. (NYSE:NXY) might hinge politically on the outcome of a far smaller deal, which is The Bank of Nova Scotia’s (NYSE:BNS) pending C$720 million purchase of the Bank of Guangzhou. The bank transaction exemplifies Prime Minister Stephen Harper’s insistence upon reciprocity, but the Canadian bank has been waiting for approval from the government of China since Christmas.
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