"We have a super-stable balance sheet," he said in an interview with Reuters. Interim Chief Executive Mike Wichterich assured investors on Wednesday that he was not overpaying for Vine, stressing his company was "no longer the Chesapeake of the past." Shares of Vine were up 2.15% on Wednesday at $15.20 and Chesapeake was up 2.4% at $56.81.Ĭhesapeake fell into bankruptcy last year after years of overspending on acquisitions that left it burdened with debt and short on cash.
That represents a less than 1% premium to Vine's last close of $14.88. Shale operators have been pitching scale as a way to cut costs, with top gas producer EQT Corp (EQT.N) recently agreeing to buy Appalachian rival Alta Resources for $2.93 billion and Southwestern Energy Co (SWN.N) purchasing privately held Indigo Natural Resources for about $2.7 billion.Ĭhesapeake has offered 0.2486 share and $1.20 in cash for each stock of Vine, implying a per-share value of $15. oil futures were up about 1.44% on Wednesday at $69.27 a barrel, an increase of about 63% from year-ago levels.
Gulf Coast export hub.ĭealmaking in the oil and gas sector has jumped this year as prices rebounded due to the vaccine-driven economic recovery. Aug 11 (Reuters) - Chesapeake Energy Corp (CHK.O) agreed to buy Louisiana natural gas rival Vine Energy Inc (VEI.N) for $615 million, betting on the shale field's proximity to the U.S.
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