Chesapeake Granite Wash -7.3% on Chesapeake spinoff news


Chesapeake Granite Wash Trust (CHKR -7.3%) is under pressure after Chesapeake Energy (CHK -3.8%) revealed plans to proceed with a spinoff of its oilfield services operations by the end of next month as it also plans other asset sales.

Shares are also going ex-dividend today.

CHKR revenues and distributions depend on the timing of initial sales from CHK's development wells in which the trust receives an interest, as well as the sales volume and prices attributable to the Trust's royalty interests.

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