Porter Hedges represented Chesapeake Energy Corp. in its $5.375B sale of Marcellus and Utica shale assets to Southwestern Energy. Porter Hedges acted as co-counsel with the Commercial Law Group, P.C. The transaction, which is subject to certain customary closing conditions, including the receipt of third-party consents, is expected to close in the fourth quarter of 2014.
Chesapeake has agreed to sell approximately 413,000 net acres and approximately 1,500 wells in Northern West Virginia and Southern Pennsylvania, of which 435 are in the Marcellus and Utica formations, along with related property, plant and equipment.
Chesapeake's legal team includes Porter Hedges partners Jeremy Mouton and Ragna Henrichs (environmental), both of Houston, and Commercial Law Group lawyers C. Ray Lees and David Gannaway.
For more information on this transaction, please see the Chesapeake press release here.
In the Press:
"Deal of the Week: Southwestern Energy to Buy Shale Assets," Texas Lawyer
"Deal of the Week: Southwestern bets more than $5 billion on natural gas," Houston Business Journal
"Southwestern Energy closes on multibillion deal," Houston Business Journal