Chesapeake Energy's long-standing reputation as a deft negotiator in the M&A market was hard-earned following years of crafty joint ventures in the US' key emerging shale plays. But that advantage appears to have come to an end. Chesapeake and Sinopec inked a joint venture agreement last week that allows the Chinese state firm to take a 50% interest in 850,000 net acres within Chesapeake's Mississippian Lime portfolio, which stands near 2.2 million acres across the Oklahoma and Kansas play. The joint-venture acreage produced 34,000 barrels of oil equivalent per day net to Chesapeake during the fourth quarter of 2012 and held 140 million boe of net proved reserves as of Dec. 31. Sinopec has agreed to pay $ 1.20 billion in cash for the stake .
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