Dallas and Fort Worth Councils Okay Chesapeake/DFW Lease
The Fort Worth City Council voted unanimously Tuesday to approve the deal, and the Dallas City Council followed suit Wednesday.
"This new possible revenue stream will bolster the Airport's finances for decades," said Kevin Cox, chief operating officer for DFW. "Chesapeake has brought DFW an unique and valuable opportunity that we plan to take advantage of from day one for the citizens of North Texas and our passengers."
Chesapeake will pay DFW $181 million in initial bonus and a royalty of 25 percent on all gas produced from Airport drilling operations. The deal is expected to open a new non-aviation revenue stream for DFW while setting new standards for minority contractor participation.
"We are fortunate to have an abundance of acreage for explorations and a great business partner in Chesapeake," said John Terrell, vice president of commercial development for DFW. "We look forward to working with Chesapeake as they begin their seismic studies, and bringing new business partners to participate in this exciting opportunity for DFW and the entire region."
DFW International Airport Board of Directors unanimously approved the contract at its August 3 board meeting.
- Chesapeake To Cut Rig Count, Bring Fewer Wells To Production (Aug 03)
- Chesapeake CEO: Downturn Challenges Helped Oil, Gas Companies (Mar 07)
- Chesapeake Energy Posts Smaller Quarterly Loss (Feb 23)