•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    Chesapeake completes spin-off of oilfield services business

    Chesapeake Energy Corp.

    Chesapeake Energy Corp. (NYSE: CHK) has completed the spin-off of its oilfield services business, previously conducted through Chesapeake Oilfield Operating LLC, into a stand-alone, publicly traded company called Seventy Seven Energy Inc. (NYSE: SSE).

    Following the close of business on June 30, Chesapeake distributed to its shareholders one share of common stock of SSE for every 14 shares of Chesapeake common stock outstanding as of 5 p.m. EDT on June 19, 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 began “regular-way” trading under the symbol “SSE” on the New York Stock Exchange (NYSE) on July 1. Chesapeake common stock will continue to trade on the NYSE under the ticker symbol “CHK.”

     

    Most Popular

    Related Articles

    TEAM Oil Tools acquires Odessa Packer Services

    08/04/2015 TEAM Oil Tools LP has acquired all the outstanding shares of Odessa Packer Services Inc. Founded in 1982, Odessa is an oilfield packer and downhole tool service company focused on the Permian Basin...

    Lloyd’s Register Energy provides solutions for maturing assets

    08/03/2015 Lloyd's Register Energy has launched a new service focused on assets at late-life stages and those nearing cessation of production. The new service will assist operators with maximizing economic re...

    Weatherford increases layoff target to 11, 000

    07/23/2015 Weatherford International is increasing its job cuts from 10,000 to 11,000, representing approximately 20% of its workforce. With continuing weak North American market conditions, Weatherford is fu...

    FMC Technologies plans for more layoffs

    07/23/2015

    FMC Technologies Inc. is planning further layoffs due to current challenging market conditions.

    FoundOcean expands operations to deeper water depths in Gulf of Mexico

    07/22/2015

    FoundOcean has developed and executed grouting procedures for Subsea 7 operations at 5,300 feet (1,615 meters) in the Gulf of Mexico, exceeding its previous operating depth levels.

    Integrated Environmental Technologies hires VP for O&G division

    07/22/2015

    Integrated Environmental Technologies Ltd. has hired Chad L. Crady to serve as its vice president of sales and operations for the company's oil and gas division.  

    More Oil & Gas Financial Articles

    TEAM Oil Tools acquires Odessa Packer Services

    Tue, Aug 4, 2015

    TEAM Oil Tools LP has acquired all the outstanding shares of Odessa Packer Services Inc. Founded in 1982, Odessa is an oilfield packer and downhole tool service company focused on the Permian Basin market.

    Lloyd’s Register Energy provides solutions for maturing assets

    Mon, Aug 3, 2015

    Lloyd's Register Energy has launched a new service focused on assets at late-life stages and those nearing cessation of production. The new service will assist operators with maximizing economic recovery and reducing costs by eliminating inspection and maintenance activities that do not fulfill safety or profit objectives.

    Weatherford increases layoff target to 11, 000

    Thu, Jul 23, 2015

    Weatherford International is increasing its job cuts from 10,000 to 11,000, representing approximately 20% of its workforce. With continuing weak North American market conditions, Weatherford is further reducing its cost structure to reflect the current environment.  

    FMC Technologies plans for more layoffs

    Thu, Jul 23, 2015

    FMC Technologies Inc. is planning further layoffs due to current challenging market conditions.

    FoundOcean expands operations to deeper water depths in Gulf of Mexico

    Wed, Jul 22, 2015

    FoundOcean has developed and executed grouting procedures for Subsea 7 operations at 5,300 feet (1,615 meters) in the Gulf of Mexico, exceeding its previous operating depth levels.

    OGFJ photo of the day


    Click to view slideshow

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ