Natural gas titan Chesapeake Energy (NYSE: CHK ) has put more than 28,000 net acres of drilling fields in Oklahoma up for sale, according to reports.
According to a listing on the Meagher Energy Advisors website, Chesapeake's 28,360 net acres in southwest Oklahoma have a total of 117 wells, including 113 producing. The listing says Chesapeake's drilling budget "is not sufficient to fully develop its leasehold in this area."
The Wall Street Journal quotes a Chesapeake spokesman as saying the property for sale is a "small, noncore package of acreage and not connected to our significant Hogshooter discovery."
The nation's second-largest natural gas producer has been pressured to reduce spending as gas prices remain low. Chesapeake has aimed for up to $14 billion in sales of current assets this year to make up for the low prices, complemented by a $5 billion target next year.