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.
High Sierra Energy has three core business segments: crude oil gathering, transportation and marketing; water treatment, disposal, recycling and transportation; and natural gas liquids transportation and marketing.
Chief Gathering's assets include six natural gas gathering systems serving over 300,000 dedicated acres in Bradford, Lycoming, Sullivan, Susquehanna, Wyoming and Greene Counties, Pennsylvania and Preston County, West Virginia.
El Paso owns the other 50% of the joint venture, and Kinder Morgan Partners anticipates the deal to close subsequent to the completion of Kinder Morgan's acquisition of El Paso.