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Chesapeake Energy Corporation s 50 acre campus is seen in Oklahoma City, Oklahoma, on April 17, 2012. REUTERS/Steve Sisney
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Chesapeake Energy Corp (CHK.O), which exited bankruptcy in February, is working with two banks on a potential sale of its oil-producing South Texas assets that could fetch as much as $2 billion, two sources familiar with the plan said.
The launch of a formal sale process by the U.S. natural gas producer, however, could be delayed as it works through the exit of Chief Executive Officer Doug Lawler, the sources said, declining to be identified as the plan is confidential.
Chesapeake, which is the second largest U.S. shale gas producer according to energy analytics firm Enverus, declined to comment on the sale consideration. Its shares jumped as much as 4% after the news and closed 1.6% higher at $46.83.
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CEO Doug Lawler s departure is effective April 30.
(Bloomberg) Chesapeake Energy Corp. Chief Executive Officer Doug Lawler is exiting less than three months after the oil and gas company, a one-time icon of the U.S. shale boom, emerged from bankruptcy.
Lawler’s departure is effective April 30 and Chesapeake’s board is searching for a replacement, the Oklahoma City-based company said Tuesday in a statement. Chairman Mike Wichterich will serve as interim CEO.
Lawler led the company for almost eight years, a tumultuous time for Chesapeake as it grappled with, and was eventually overwhelmed by, huge debts racked up during an earlier period of soaring energy prices. Chesapeake, which found fame a decade earlier under the leadership of Aubrey McClendon, emerged from Chapter 11 bankruptcy protection in February as a much smaller company.