The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Chesapeake Energy Corporation Completes Spin-off of Its Oilfield Services Business

Tuesday, July 01, 2014

Chesapeake Energy Corporation Completes Spin-off of Its Oilfield Services Business

07:01 EDT Tuesday, July 01, 2014

OKLAHOMA CITY (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 Corporation
INVESTOR CONTACT
Gary T. Clark, CFA, 405-935-8870
ir@chk.com
or
MEDIA CONTACT
Gordon Pennoyer, 405-935-8878
media@chk.com

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections