OKLAHOMA CITY -- Chesapeake Energy ( CHK) says it's agreed to sell all of its assets in a massive natural gas field to BHP Billiton Ltd. ( BHP) for $4.75 billion in cash.

The natural gas properties are located in the Fayetteville shale, a natural gas field in central Arkansas. Chesapeake Energy is the second largest producer of natural gas there.

Chesapeake announced earlier this month it was interested in selling the assets so that it could focus its efforts on higher-margin oil assets.

Australia-based BHP Billiton is the world's biggest mining company.
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