Chesapeake Energy Corporation Completes Spin-off of Its Oilfield Services Business
July 01 2014 - 7:01AM
Business Wire
Chesapeake Energy Corporation (“Chesapeake”) (NYSE: CHK)
announced today it has completed the spin-off of its oilfield
services business, previously conducted through Chesapeake Oilfield
Operating, L.L.C., into a stand-alone, publicly traded company
called Seventy Seven Energy Inc. (“SSE”) (NYSE: SSE).
Following the close of business on June 30, 2014, Chesapeake
distributed to its shareholders one share of common stock of SSE
for every 14 shares of Chesapeake common stock outstanding as of
5:00 pm EDT on June 19, 2014, the record date for the distribution.
No fractional shares of SSE common stock were issued; however,
shareholders entitled to receive a fractional share of SSE common
stock in the distribution instead received the cash value of that
fractional share.
SSE common stock will begin “regular-way” trading under the
symbol “SSE” on the New York Stock Exchange (“NYSE”) on July 1,
2014, when markets open. Chesapeake common stock will continue to
trade on the NYSE under the ticker symbol “CHK.”
Chesapeake Energy Corporation is the second-largest producer
of natural gas and the 10th largest producer of oil and natural gas
liquids in the U.S. Headquartered in Oklahoma City, the
company's operations are focused on discovering and developing its
large and geographically diverse resource base of unconventional
natural gas and oil assets onshore in the U.S. The company
also owns substantial marketing and compression businesses. Further
information is available at www.chk.com where
Chesapeake routinely posts announcements, updates, events, investor
information, presentations and news releases.
Chesapeake Energy CorporationINVESTOR CONTACTGary T. Clark, CFA,
405-935-8870ir@chk.comorMEDIA CONTACTGordon Pennoyer,
405-935-8878media@chk.com
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