Total takes Barnett stake for $2.25B

摘要

French major Total SA (NYSE: TOT, France: FP) via subsidiary Total E&P USA Inc. plans to acquire a 25% position in the Barnett shale in Texas from Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) for $2.25 billion.Total will pay $800 million in cash at closing and an additional $1.45 billion by funding 60% of Chesapeake's share of drilling and completion expenditures until the $1.45-billion obligation has been funded, which Chesapeake expects to occur by year-end 2012.