Chesapeake Energy Hits Record High

Shares of Chesapeake Energy (NYSE CHK) hit a record high on Wednesday after the company announced a joint venture with Plains Exploration & Production Co. to develop a natural gas deposit in the Haynesville shale.


Plains Exploration has agreed to buy a 20 percent interest in Chesapeake's leasehold for $1.65 billion in cash.

Plains Exploration and Production also agreed to finance half of Chesapeake's 80 percent share of drilling and completion costs for future wells. These payments would be made over several years and would cap out at an additional $1.65 billion.

Shares of CHK hit a record high of $74 before retreating to close at $69.40.