The company that pioneered Utica Shale drilling in Ohio has completed the sale of its holdings in the state.
Chesapeake Energy announced Tuesday morning during a conference call with investors it closed its $2 billion sale to Encino Acquisition Partners on Monday.
EAP is a partnership between the Canada Pension Plan Investment Board and Encino Energy, a private oil and gas company based in Houston.
When announcing the sale in July, the companies said the deal included 900,000 acres and approximately 900 wells, with related equipment and property.
On Tuesday, Chesapeake said it was running two rigs in the Utica and placed 11 wells into production during the third quarter.
The Oklahoma City-based company’s Utica wells averaged daily production of 10,000 barrels of oil, 488 million cubic feet of natural gas and 28,000 barrels of natural gas liquids during the quarter.
Chesapeake’s earnings were originally scheduled for release Wednesday, but the company moved up the date to announce its nearly $4 billion deal to buy Houston-based WildHorse Resource Development, a company with operations in the Eagle Ford Shale and Austin Chalk formations in Texas.
Chesapeake closed the quarter with a profit of $60 million or 7 cents per diluted share for common stockholders.