Chesapeake Energy says it will sell by year's end "a substantial majority of its remaining midstream assets" for $2.16 billion, concluding a busy year of property sales aimed at trimming its heavy debt. Access Midstream Partners, a publicly traded company (ticker: ACMP), is the buyer of assets, "located primarily in the company's Marcellus, Utica, Eagle Ford, Haynesville and Niobrara shale plays," Chesapeake said. The Oklahoma City-based producer also said it completed earlier this quarter the sale of other midstream assets in Oklahoma and Texas for about $175 million. Additionally, Chesapeake expects to close the sale of its remaining midstream assets in the Mid-Continent region and elsewhere by the end of the first quarter of 2013 for about $425 million. The company in June had announced plans for the mid-stream assets sales and said it expected to receive "more than $4 billion" in the deals. With its latest announcement, it said "proceeds from the company's midstream exit are anticipated to total approximately $4.875 billion."
-- Jim Fuquay