Chesapeake Energy Corp (CHK.N) wants to sell holdings in Arkansas' Fayetteville shale natural gas field and its stakes in two companies to raise $5 billion and trim its heavy debt load. News of the planned sale sent the company's shares soaring as much as 7 percent, but the stock pared some gains and was up 5.4 percent in late morning New York Stock Exchange trading. Chesapeake has been aggressive in snapping up properties in shale gas fields across the United States, but that buying spree has left it awash in debt and short of cash to drill new wells.
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