Chesapeake Energy Corp. said Tuesday that it has sold oil assets to a division of U.K. chemical maker Ineos Group AG for $1.4 billion.
The deal involves oil assets in the northern part of the Eagle Ford shale basin in South Texas. The sale marks the first foray of Ineos, one of the world’s largest chemical producers, into U.S. oil and gas production, Ineos said in a news release.
“We believe this acquisition will help us to serve our internal and external customers today as we continue to position our business to meet the energy transition,” Ineos Energy Chairman Brian Gilvary said.
