Chesapeake falls 5% after Sinopec acreage sale
BY CLAUDIA ASSIS
HOUSTON -- Shares of Chesapeake Energy among Monday' s top decliners as analysts say it sold assets in the Mississippi lime play to Sinopec for a song. Chesapeake shares declined 5%.
The company on Monday announced a joint venture with China' s Sinopec, selling 425,000 acres in the area, which straddles Oklahoma and Kansas, for $1.02 billion.
Chesapeake has announced it would sell $4 billion to $7 billion worth of assets this year to bridge a budget shortfall.
Dow Jones Newswires