NEW YORK (

TheStreet

) --

Chesapeake Energy

(CHK) - Get Report

and

EnerVest

will receive $2.3 billion from France's

Total

(TOT) - Get Report

for a 25% stake in a joint venture for oil drilling in the Utica Shale area of Ohio.

Under the deal, Total will pay Chesapeake $610 million up front for 619,000 acres in 10 counties in Ohio; EnerVest is receiving $290 million. Chesapeake will get a further $1.42 billion in exchange for drilling through 2014.

The Utica Shale is thought to contain a large amount of oil, as opposed to the natural gas more common in other shale, according to

The Associated Press

.

Chesapeake shares were rising 3.4% to $23.05 in premarket trading Tuesday. Total shares were up 1.6%.

BP

(BP) - Get Report

is calling on

Halliburton

(HAL) - Get Report

to pay all costs related to the clean-up of the Gulf of Mexico oil spill in April 2010.

BP, the U.K. oil giant, previously put the costs at around $42 billion, according to

Reuters

. Halliburton cemented the failed well that caused the biggest offshore oil spill in the U.S. The explosion of the well also killed 11 people.

BP, in a court filing, said it was suing to recover costs and expenses from cleaning up the oil spill, lost profit, and "all other costs and damages incurred by BP related to the Deepwater Horizon incident and resulting oil spill,"

Reuters

reported.

BP shares rose 1.9% to $43.56 in premarket trading. Halliburton shares were trading slightly lower.

Sears

(SHLD)

, which said last week it was closing up to 120 of its stores after a dismal holiday selling season, named a

new chief merchandising officer

on Tuesday.

The struggling department-store retailer tapped Ron Boire as executive vice president, chief merchandising officer and president of its Sears and Kmart formats. Boire was previously president and CEO of Brookstone.

The stock gained 2% to $32.40 in premarket trading.

An experimental drug from

Aveo Pharmaceuticals

(AVEO) - Get Report

delayed tumor growth in patients with advanced kidney cancer more effectively than

Onyx Pharmaceuticals'

(ONXX)

currently approved drug Nexavar, according to results from a late-stage study released Tuesday.

Teva Pharmaceutical

(TEVA) - Get Report

has selected

Jeremy Levin

, a former senior executive at

Bristol-Myers Squibb

(BMY) - Get Report

, to be its next CEO.

Levin will take over the reins in May, when current President and CEO Shlomo Yanai plans to retire from the company, Teva said.

Teva shares rose 3.6% to $41.81.

Progress Software

(PRGS) - Get Report

is expected by analysts to post fiscal fourth-quarter earnings of 33 cents a share.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here:

Joseph Woelfel

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.

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