Chesapeake Energy (CHK; $17.7--Oct 16; Buy; PT: $34) CHK announces Southern Marcellus divestiture. Win/Win. CHK needed to delever and SWN needed a complimentary asset to the Fayetteville and Northeast Marcellus positions. In this $5.375B deal, we peg the acreage value at $5K-8K/acre after stripping out value of existing production, which we think points to an attractive entry price for SWN given our view of the quality of this acreage. For CHK, this takes the......
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