Reuters: Deals: Chesapeake raises $2.6 billion in three deals

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Chesapeake raises $2.6 billion in three deals Apr 9th 2012, 20:25 HOUSTON | Mon Apr 9, 2012 4:25pm EDT HOUSTON (Reuters) - Chesapeake Energy Corp (CHK.N) said on Monday it has struck three deals that will raise a total of $2.6 billion, a cash infusion needed by the U.S. oil and gas company facing a funding shortfall this year. The Oklahoma City, Oklahoma company will sell 58,4000 acres in Oklahoma to a subsidiary of Exxon Mobil Corp (XOM.N) for $590 million. Chesapeake also is selling preferred shares worth $1.25 billion and also struck a $745 million natural gas production deal with an affiliate of Morgan Stanley. Shares of Chesapeake rose to $21.76 in post-close trading, up from a New York Stock Exchange close of $21.47. Chesapeake and other natural gas companies have cut production, as slumping gas prices have sapped profits.

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