On June 9, 2014, Chesapeake Energy Corporation (NYSE:CHK) announced that the spin-off of its oilfield services business, Chesapeake Oilfield Operating L.L.C ("COO"), into a stand-alone, publicly traded company called Seventy Seven Energy Inc. ("SSE"), had been approved by the CHK Board of Directors.
CHK's shareholders will receive one share of SSE common stock for every 14 shares of CHK common stock held at the close of business on the record date of June 19, 2014. The distribution is expected to occur following the close of business on June 30, 2014.
A COO SEC filing made on May 16, 2014, contained the statement that "CHK believes that, based on COO's current growth capital expenditures and the continuation...
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