Reuters: Chesapeake trying to close deal on $2.4B acquisition of Chief Oil & Gas
Monday, January 24, 2022
Last week Reuters reported Chesapeake Energy Corp. is in advanced talks to acquire Chief Oil & Gas for around $2.4 billion.
Although negotiation could still fall apart, the acquisition would be the second Chesapeake has made since emerging from bankruptcy in February 2021.
A deal for Chief Oil & Gas could be announced as soon as this week, according to Reuters’ sources.
Learn more: Reuters > Exclusive: Chesapeake Energy nears $2.4 bln deal to buy Chief Oil & Gas -sources
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.