Why Did Chesapeake Agree to Sell Off a Huge Chunk of Marcellus and Utica Shale Assets?

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From Market Realist:
Chesapeake Energy (CHK) is on track with its “asset-divestment agenda.” On October 16, Chesapeake announced the sale of a large portion of its oil and gas assets in the Marcellus and Utica shales to Southwestern Energy (SWN).
CHK key operating areasEnlarge GraphThe image above shows Chesapeake’s operational footprint in the Marcellus and Utica regions. Read more about Chesapeake’s operations and recent quarterly performance at “A key overview of Chesapeake and its second quarter 2014 earnings.” 
The price tag 
SWN will buy the Marcellus and Utica assets for ~$5.38. The transaction is believed to be Southwestern’s largest deal. Later in this series, we’ll discuss what the deal means for SWN. 
Chesapeake wanted to achieve $4 billion in spending cash by the end of the year. It planned to get the money through asset divestments. 
We’ll discuss why Chesapeake wants to achieve this goal later in this series.
Read more of this series by clicking here.
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