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Chevron Corporation (NYSE:CVX): Chesapeake Energy Corporation (NYSE:CHK) has entered into several arrangements to divest the vast majority of its Permian properties, which comprise substantially all of its midstream assets and certain noncore leasehold for a total net cash amount of around $6.9 billion. The firm will use a portion of the proceeds from these asset sales in full repayment of its $4 billion of term loans during the fourth quarter. Chesapeake has entered into a purchase and sale contract to divest its assets in the southern Delaware Basin portion of the Permian Basin to SWEPI LP, a subsidiary of Royal Dutch Shell plc (RDS.A), and its assets in the northern Delaware Basin portion of the Permian Basin will to Chevron U.S.A. The company retains about 470,000 net acres of undeveloped leasehold in the Midland Basin for the purposes of future sale or development. All three transactions should close within the next 30 days and approximately 87 percent of the proceeds will be received in cash at closing.
E.I. DuPont de Nemours and Company (NYSE:DD): The United States Department of Agriculture has decreased its forecast for soybean output by 58 million, down to 2.634 billion bushels because of lower yields in the Midwest, says its monthly World Agricultural Supply and Demand Estimates report. The USDA reported that domestic oilseed production for 2012/13 is forecast down by 1.4 million from August, at 82 million tons, while lower soybean and cottonseed production is only partly offset by an increase in output for peanuts. Additionally, the USDA has projected 2012/13 corn supplies to be 108 million bushels higher than in its last report, as an increase in expected beginning corn stocks more than outweighs lower production in September. Finally, the USDA’s forecast range for corn season-average farm price was lowered by 30 cents on both ends of its range to between $7.20 and $8.60 per bushel.
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