Chesapeake Adds a Partner

Article Excerpt

CHESAPEAKE ENERGY $32.51 (New York symbol CHK; SI Rating: Extra risk) (405-848- 8000; www.chkenergy.com; Shares outstanding: 473.5 million; Market cap: $15.4 billion) has pooled its interests with Anadarko Petroleum to evaluate and explore more than one million gross acres in the Deep Haley area of the Delaware Basin in West Texas. The partners will split drilling, completion, production and midstream operations connected with the area. Under the deal, Anadarko received about $310 million in cash plus some of Chesapeake’s non-producing leasehold interests in Texas. Chesapeake received assets including 25% of Anadarko’s existing Deep Haley area production and 25% of Anadarko’s leasehold in the central and eastern parts of the Deep Haley area. Chesapeake Energy is still a buy. buy…