Chesapeake asset sale lifts profits, shares rise

Posted by admin on August 7th, 2012

(Reuters) – Chesapeake Energy Corp's second-quarter results on Monday offered investors some evidence the cash-strapped U.S. oil and gas company will be able to bridge a big funding gap with more assets sales and higher crude oil production. Chesapeake, which faces an estimated shortfall of about $10 billion this year, as well as governance and legal woes, said it is on track to close three deals in West Texas in the third quarter, including its Midland Basin producing assets to privately held EnerVest Ltd. That price was not disclosed. The company has completed $4. …