New Haynesville and Dry Gas Utica Gathering Agreements In September 2015, we entered into new fixed-fee gas gathering agreements with subsidiaries of The Williams Companies, Inc. (Williams) in our Haynesville Shale operating area and our dry gas Utica Shale operating area. The fixed-fee provisions will be effective beginning in January 2016, replacing the previous fee structures that have applied. We expect that our gas gathering fees, when the new fee structure is effective, will be lower in both operating areas. Under the Haynesville Shale agreement, we expect to meet our existing minimum volume commitments (MVC) because of the consolidation of two Williams gathering systems and a projected increase in our Haynesville Shale volumes. Inclusive of previously expected MVC shortfall payments, we expect reductions in our Haynesville gas gathering rates of approximately $0.20 per mcf in 2016 and 2017 and approximately $0.30 per mcf in 2018 and beyond. Under the Utica Shale agreement, we estimate a gathering rate reduction of approximately $0.25 per mmbtu. We are dedicating an additional 50,000 net acres in the Utica Shale to Williams and will be subject to a new MVC of 250,000 mmbtu per day beginning in mid-2017. We expect to meet this Utica Shale MVC with approximately one rig per year. Cleveland Tonkawa Transactions On August 31, 2015, our subsidiary CHK C-T sold all of its oil and natural gas properties to FourPoint Energy, LLC (FourPoint) and immediately used the consideration received, plus other cash it had on hand, to repurchase and cancel all of CHK C-Tâ€™s outstanding preferred shares. Chesapeake is responsible for post-closing adjustments to the purchase price and has certain indemnity obligations in connection with the sale to FourPoint. In connection with the repurchase and cancellation of the CHK C-T preferred stock and related agreements with the CHK C-T investors, we eliminated the noncontrolling interest and overriding royalty interest (ORRI) obligation on our consolidated balance sheet, $75 million in annual preferred dividend payments and all future drilling and ORRI commitments attributable to CHK C-T. Also on August 31, 2015, in a related transaction, we sold to FourPoint for approximately $90 million certain noncore properties adjacent to the CHK C-T properties. Chesapeakeâ€™s net production from the assets sold in the two transactions was approximately 15 mboe per day in 2015. See Note 8 of the notes to our condensed consolidated financial statements included in Item 8 of this report for a description of CHK C-T. 2016 Developments Subsequent to December 31, 2015, we repurchased in the open market approximately $60 million of our outstanding 2.5% Contingent Convertible Notes due 2037 for $32 million, $122 million of our 3.25% Senior Notes due 2016 for $115 million and $2 million of our 6.5% Senior Notes due 2017 for $1 million. Subsequent to December 31, 2015, we amended certain of our firm transportation agreements in the Haynesville, Barnett and Eagle Ford operating areas which reduces our firm transportation volume commitments and fees described in Note 4 of the notes to our condensed consolidated financial statements included in Item 8 of this report. We estimate a benefit of approximately $650 million gross ($415 million net) over the term of the contracts, including $80 million gross ($50 million net) in lower unused demand charges for the underutilized capacity and lower transportation fees in 2016. Subsequent to December 31, 2015, we closed certain asset divestitures for proceeds of approximately $138 million. We also executed sales agreements for other asset divestitures with expected proceeds of approximately $586 million. The asset divestitures cover various operating areas.