INEOS Energy has completed the acquisition of a major tranche of Chesapeake Energy’s oil and gas assets in the Eagle Ford shale, South Texas for $1.4 billion.
The deal marks INEOS Energy’s entry as operator into the U.S. onshore oil and gas market, as it acquires 2,300 wells, producing net 36,000 BOED (barrels of oil equivalent per day).
The acquisition, which includes production and exploration leases across 172,000 net acres, has an effective date of October 2022.
The addition of Chesapeake's assets and operations in South Texas is part of INEOS Energy’s strategy to build a global integrated portfolio, fit for the energy transition, offering high-quality, energy solutions to its customers. Around 100 employees will now transfer to INEOS.
INEOS Energy incorporates all of the existing INEOS oil & gas assets. The business is committed to meeting society's energy needs through the current energy transition. INEOS Energy is actively producing and trading oil, gas, power and carbon credits, as well as investing in LNG, hydrogen, and carbon capture and storage.
