Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) plans to sell its midstream assets in three separate transactions to Global Infrastructure Partners, a New York-based private-equity fund led by Credit Suisse and General Electric, for total of more than $4 billion in cash.

Chesapeake chief executive Aubrey K. McClendon says, “We have been working for the past few months to monetize our substantial and valuable midstream assets and are pleased to announce the sale of our investments in CHKM and a plan to sell our remaining midstream assets at attractive prices. These transactions will preserve the strategic relationships we have with CHKM and CMD as our primary midstream service providers and further strengthen the close relationship we have enjoyed with GIP since 2009.”

Chesapeake has agreed to sell its limited partner units and its general partner interests in Chesapeake Midstream Partners LP (NYSE: CHKM) to Global Infrastructure Partners for cash proceeds of $2 billion.

Chesapeake Midstream Partners has gathering systems and other midstream energy assets in Arkansas, Kansas, Oklahoma, Pennsylvania, Texas, and West Virginia. It operates in the Barnett shale, Haynesville shale, Marcellus shale, and Midcontinent areas, with gathering systems consisting of approximately 3,700 miles of active gathering lines and treating facilities that provide services to approximately 5,250 wells.

Chesapeake expects to receive the first half of the payment on June 15 with a final closing and payment of the second half of the proceeds scheduled to occur by June 29.

Chesapeake has also entered a letter agreement with Chesapeake Midstream relating to the potential sale of certain Midcontinent gathering and processing assets to Chesapeake Midstream and a separate letter agreement with Global Infrastructure Partners for the sale of Chesapeake’s interests in its subsidiary, Chesapeake Midstream Development LP to Global Infrastructure Partners for more than $2 billion in cash.

Chesapeake Midstream Development has an asset base in Louisiana, New Mexico, Ohio, Oklahoma, Pennsylvania, West Virginia and Wyoming. The subsidiary holds Chesapeake’s Marcellus shale midstream assets.

The midstream divestitures will also enable Chesapeake to reduce previously budgeted capital expenditures by approximately $3 billion during the next three years.

Combined with the $2.6 billion of proceeds generated to date in 2012 from asset sales, these latest deals will bring Chesapeake’s asset sales for the year up to approximately $6.6 billion.

“The proceeds of these transactions are an important part of our 2012 asset sales program that is on track to generate cash proceeds of $11.5- to $14 billion,” says McClendon. “With our Permian asset sale, Mississippi Lime JV and other miscellaneous asset sales still to come in the second half of the year, we feel very good about our ability to meet our targeted range for 2012 asset sales.”

Chesapeake Midstream Partners CEO J. Mike Stice says, “This is a new beginning for both CHKM and CMD and an opportunity to explore additional growth opportunities from a solid foundation provided by CHK as our anchor shipper. We have built a very talented and profitable organization, and I am very excited about the future of our independent midstream businesses. We believe our unique combination of contractual, organic and dropdown growth is unmatched in the midstream industry.”

Global Infrastructure Partners managing partner Adebayo Ogunlesi says, “We have enjoyed a mutually beneficial partnership with Chesapeake over the past three years, and we look forward to continuing to provide Chesapeake with high quality midstream services while expanding these offerings to other producers requiring similar services.”