Market Overview

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

Related CHK
Stocks Lower As Earnings Season Takes Back Seat To Geopolitical Uncertainties
Markets Mostly Higher As Earnings Season Continues To Impress
Energy Stocks Move Higher as Oil Spikes (Fox Business)

UPDATE: Seventy Seven shares opened for trading, currently up roughly 2.25 percent.

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.”

Posted-In: News Press Releases

 

Most Popular

Related Articles (SSE + CHK)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters