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KKR has invested in the energy sector for more than 20 years, beginning with an investment in Union Texas Petroleum in 1985.

KKR and Chesapeake said Tuesday that they will initially contribute a combined $250 million to the partnership. Chesapeake, the second-largest natural gas producer in the U.S., will pay 10 percent of that amount and source, acquire and manage the royalty investment opportunities.

The companies will jointly oversee the partnership.

LOUISIANA

BP settlement architects hope to win over skeptics

NEW ORLEANS — The deal is all but done. Now it’s time to sell it.

Days after they announced a multibillion-dollar settlement, BP PLC and a committee of plaintiffs’ attorneys are working out details of an agreement to resolve more than 100,000 claims spawned by the 2010 oil spill in the Gulf of Mexico.

They must persuade a federal judge that the settlement is fair and equitable, but the sales job doesn’t end there because the deal already has its critics.

Some attorneys who didn’t participate in the settlement talks but represent thousands of plaintiffs question whether the court-supervised claims process offers a better bargain for their clients than the $20 billion compensation fund BP established in 2010. They can urge their clients not to participate in the settlement, though pursuing a claim separately in court could involve years of costly litigation.

From wire dispatches and staff reports