Chesapeake to sell WV gas compression units - Beckley, Bluefield & Lewisburg News, Weather, Sports

Chesapeake to sell WV gas compression units

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Chesapeake Energy Corp. announced Feb. 28 it had executed two agreements to sell midstream compression assets, including some in West Virginia, for $520 million.

Access Midstream Partners has agreed to purchase 103 compression units with a combined capacity of about 200,000 horsepower for $160 million. The units service gathering systems in Ohio, Pennsylvania and West Virginia.

Exterran Partners has agreed to purchase 334 compression units with a combined capacity of approximately 440,000 horsepower for approximately $360 million. The units service gathering systems in Arkansas, Louisiana, Oklahoma, Texas and Wyoming.

Chesapeake said both transactions should close before the end of the second quarter.

"Chesapeake continues to streamline its overall portfolio to focus on our core assets," said Domenic J. Dell'Osso Jr., Chesapeake's chief financial officer. "These sales are consistent with this strategy and will generate more than $500 million towards improving our balance sheet, while having minimal impact on our 2014 cash flow guidance."