Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Chesapeake Midstream Partners, L.P. $345mm filing -- pre-IPO report

|Includes:ATLS, Chesapeake Energy Corporation (CHK), CHM, CMLP, DEP, DPM, DVN, EPB, ETP, KMP, NGLS, SD, SPP, WPZ

(Note: this CHM report will be updated when the IPO price range is set)

  • Chesapeake Midstream Partners, L.P. (CHM) $345mm, IPO filing February 16, 2010
  • See estimated market cap in IPO report below, includes 12 mid-stream company comparisons
BACKGROUND
CHM is a limited partnership formed by Chesapeake Energy Corp (NYSE: CHK, $17bb market cap) and GIP (fund managers) to own, operate, develop and acquire natural gas gathering systems and other midstream energy assets.
. Chesapeake is the second largest natural gas producer in the U.S. by volume of natural gas produced and is the most active driller for natural gas in the U.S. by number of drilling rigs utilized
. GIP is a $5.6 billion independent infrastructure investment fund
. At the closing of this IPO, GIP will indirectly own 50% of both the general partner and incentive distribution rights through its ownership in Chesapeake Midstream Ventures.

CASH DISTRIBUTIONS
“Estimated Cash Available for Distribution for the 12 months ending Dec 31, 2010 $190.3mm”

CAPITALIZATION
Book value of $1.74bb pre-IPO.  Add expected IPO proceeds to get estimated post-IPO book value of  $2bb

CHM pre-IPO report includes estimated market cap

Stocks: CHK, CHM, WPZ, KMP, EPB, CMLP, ETP, DVN, DPM, ATLS, NGLS, DEP, SD, SPP