Chesapeake Energy to exit Texas shale contracts

Chesapeake Energy Corp. is giving up its Barnett Shale holdings in Texas.

The exit will allow the company to escape $2 billion in pipeline contracts. It's also expected to reduce Chesapeake's shipping and processing costs by $715 million between now and the end of 2017.

First Reserve Corp.-backed Saddle Operating LLC will take over Chesapeake's interests in the Barnett region.

Read more from The Dallas Morning News.