News Summary: Chesapeake in $1B deal with Sinopec

News Summary: Chesapeake sells $1B stake in Oklahoma land to China's Sinopec

Associated Press

THE DEAL: Chesapeake Energy is selling a half-interest in oil-rich land in Oklahoma to China's Sinopec for about $1 billion.

WHAT'S IN IT FOR CHESAPEAKE: The big natural gas producer has been stung by low prices, so it's selling assets to raise money and repay debt.

WHAT'S IN IT FOR SINOPEC: It and other state-owned Chinese enterprises have been looking to diversify out of Asia and into North America. This deal is the latest of several investments in the U.S. and Canada.

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