International Paper announced September 3 that it has completed the sale of approximately 13,000 net acres of subsurface mineral rights located in the Haynesville Shale natural gas formation in northwest Louisiana to Chesapeake Energy Corporation for approximately $263 million.
"We will continue to look for opportunities to monetize our remaining U.S. forestlands, real estate, and mineral holdings, to pay down debt, strengthen our balance sheet, and focus on our global paper and packaging business," said John Faraci, International Paper's chairman and chief executive officer.
This transaction was structured as a like-kind exchange of assets for property associated with IP's recent acquisition of Weyerhaeuser's Containerboard, Packaging and Recycling business.