Chesapeake Energy Corp. will reap another $1.4 billion in the sale of its remaining Eagle Ford asset to INEOS Energy a little more than a month after selling its Brazos Valley assets for a similar amount.

In total, the Oklahoma City company has made divestiture agreements that will value its Eagle Ford assets at more than $2.82 billion. The company is continuing to market its other Eagle Ford assets.

Chesapeake said it had agreed to sell approximately 172,000 net acres and 2,300 wells in the black oil portion of its Eagle Ford asset primarily in Dimmit, LaSalle and McMullen counties, Texas, along with related property, plant and equipment.

Chesapeake said the assets average net production of approximately 36,000 boe/d (81% liquid) during fourth-quarter 2022.

As of Dec. 31, 2022, net proved reserves associated with the properties was estimated at approximately 144 MMboe.

The buyer, Ineos, is a chemical company with some shale holdings, entering the U.S. for the first time through this acquisition.

However, in 2019, INEOS Groups Holdings SA purchased a shale oil and gas business located in the Giddings Field in Texas. The company also owns petrochemical plants in Texas, including the Chocolate Bayou cracker.

In 2021, the company reported that its South Texas Giddings Field assets included 108 operated wells spread across 44,701 net mineral acres in Austin, Brazos, Burleson, Fayette and Washington counties in Texas

Chesapeake expects the transaction to close in second-quarter 2023, with an effective transaction date of Oct. 1, 2022.

The company will receive $1.175 billion upon closing, subject to customary adjustments, with the additional $225 million paid in annual installments of $56.25 million.

Chesapeake said it anticipates the proceeds will be applied to repay borrowings under its revolving credit facility and be available for its share repurchase program.

"Today marks another important step on our path to exiting the Eagle Ford as we focus our capital on the premium rock, returns and runway of our Marcellus and Haynesville positions," Chesapeake president and CEO Nick Dell'Osso said in a news release. "We are pleased to have secured an aggregate of $2.825 billion to date and remain actively engaged with other parties regarding the rest of our Eagle Ford position."

In January, Chesapeake entered an agreement to sell its Brazos Valley region assets to WildFire Energy I LLC for $1.425 billion.

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In the transaction announced Feb. 21, RBC Capital Markets, Citi and Evercore are serving as financial advisers, Haynes and Boone LLP is serving as legal adviser and DrivePath Advisors is serving as communications adviser to Chesapeake.