Deals
Exco Agrees to Buy Chesapeake Shale Assets for $1 Billion
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Exco Resources Inc., the Dallas-based energy producer whose market value has dropped by more than half since 2010, agreed to buy Chesapeake Energy Corp. assets in the Eagle Ford and Haynesville shale formations for about $1 billion.
Exco is adding the equivalent of 6,100 barrels of oil production a day in the Eagle Ford and 114 million cubic feet of natural gas in the Haynesville, the company said in a statement today. The transaction, expected to close this month, includes 55,000 net acres in Texas and 9,600 net acres in Louisiana, Exco said.