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Sinopec’s Oklahoma Shale Deal Struck at Two-Thirds’ Discount

China Petrochemical Corp.’s $1.02 billion deal with Chesapeake Energy Corp. gives the second-largest Chinese energy producer a stake in a shale oilfield for less than one-third of its estimated value.

Sinopec, as the Beijing-based explorer is known, will take a 50 percent interest in 850,000 acres Chesapeake controls in the Mississippi Lime formation, the companies said yesterday in separate statements. The price equates to $2,400 an acre, less than the $7,000 to $8,000 at which Oklahoma City-based Chesapeake valued the asset in a July presentation.