Chesapeake Energy confirmed Friday that it has been showing its Fort Worth office tower on the western edge of Fort Worth and plans to sell it. Julie Wilson, Chesapeake's senior executive in the Barnett Shale, said "the intention is to sell the building," which has attracted lookers but which is not formally listed with a broker. "We are certainly amenable to any good offers," Wilson said, but declined to disclose more about timing. As recently as June the company, in response to Star-Telegram inquiries, had declined to say whether the building was up for sale or was being shown to prospective buyers. The Oklahoma City-based producer bought the property from Pier 1 Imports for $104 million in 2008. Pier 1 built the 20-story, 460,000-square-foot office tower in 2004 and still leases the bottom half of the building.
Chesapeake this year has said it expects to sell $13 billion to $14 billion worth of assets this year, mostly oil and gas properties, as it seeks to pay down $14.3 billion in debt and fund continued drilling. Like other natural gas producers, the company has been battered by persistent low natural gas prices.
-- Jim Fuquay