Chesapeake Energy plans to raise $5bn over the next two years to expand its investment in oil and natural gas liquids and to reduce debts.
Out of the total amount, $3.5bn will used to pay debts and $1.5bn will be used to increase its investment in liquid-rich plays.
The firm also plans to sell up to a 20% interest in its subsidiary Chesapeake Appalachia, which includes its Marcellus Shale investors, within the next three to 12 months.
Chesapeake owns 1.5 million net acres of leaseholdings and has 24 operated rigs in the Marcellus Shale play.
Chesapeake will place preferred stock placements of $600m with investors in Asia.
The firm also plans to repay an additional $2.9bn of senior notes with proceeds from a potential placement of up to $500m of additional preferred stock to investors in Asia.
Chesapeake said it is exploring various joint venture opportunities to enable it to recover its leasehold expenditures to date and to fund accelerated drilling in these plays.
