Chesapeake falls 5% after Sinopec acreage sale

2/25/2013

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

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