First, it will likely sell assets, most likely its non-Marcellus fields in the Permian Basin, Granite Wash and Barnett Shale areas.

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Chesapeake Energy owns leading positions in the Barnett, Fayetteville, Haynesville, Marcellus and Bossier natural gas shale plays and in the Eagle Ford, Granite Wash, Niobrara and various other conventional and unconventional liquids-rich plays across the U.S. The firm has interests in over 44, 100 producing natural gas and oil wells that produce over 2.4 billion cubic feet equivalent per day, 93% of which is natural gas.

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