Shearman & Sterling advised Chesapeake Energy Corporation in connection with its purchase and sale agreement, through its subsidiaries, to sell its oil and gas assets in the Powder River Basin in Wyoming to Continental Resources. Continental will pay Chesapeake Energy a purchase price of $450 million in cash, subject to customary adjustments. The transaction, which is subject to certain customary closing conditions, is expected to close in the first quarter of 2022. At closing, net proceeds from the sale will go toward the purchase price of the Chief acquisition.

Headquartered in Oklahoma City, Chesapeake Energy’s operations are focused on discovering and responsibly developing its large and geographically diverse resource base of unconventional oil and natural gas assets onshore in the United States.

The Shearman & Sterling team below included associate Jacquelyn Watson (New York-Compensation, Governance & ERISA).

The Team