Big Oil Bring Small Oil Company ($BAC $CHK $GS)
We have seen it before, big oil companies creating smaller companies. This is the current case with Chesapeake Energy. They are currently working to create a smaller spin off company. Paul Ausick gives some additional details about the company.
Chesapeake Energy Corp. (NYSE: CHK) will spin-off its wholly-owned oilfield services business into a new company to be called Chesapeake Oilfield Services Inc., which will trade on the NYSE under the stock symbol ‘COS’. The filing indicates that the company hopes to raise $862.5 million from the offering, but the filing does not indicate how many shares will be sold. Underwriters for the offering are Goldman Sachs Group
Inc. (NYSE: GS) and Bank of America Corp.’s (NYSE: BAC) Merrill Lynch.
Keep you eyes open for this new company. If you are currently invested in CHK this could be a good sign for your stock as well. Keep an eye open for the new company and CHK together!
Quotes taken from report by Paul Ausick, Read the entire article here.
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Chesapeake Midstream Partners, L.P. Announces Closing of Global Infrastructure Partners’ Purchase of Chesapeake Energy Corporation’s GP and LP Ownership Interests
Jul 2, 2012 7:05:00 AM
Copyright Business Wire 2012
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OKLAHOMA CITY–(BUSINESS WIRE)– Chesapeake Midstream Partners, L.P. (NYSE:CHKM) today announced that Global Infrastructure Partners (GIP) has closed the previously announced acquisition of all of Chesapeake Energy Corporation’s (NYSE:CHK) (Chesapeake) ownership interests in the Partnership. GIP paid $2.0 billion to acquire Chesapeake’s general partner and limited partner interests. Today’s closing results in GIP’s ownership of 100% of the Partnership’s general partner interest and 69% of the Partnership’s limited partner units.
Chesapeake Midstream Partners, L.P. (NYSE:CHKM) is the industry’s largest gathering and processing master limited partnership as measured by throughput volume and owns, operates, develops and acquires natural gas gathering systems and other midstream energy assets. Headquartered in Oklahoma City, CHKM’s operations are focused on the Barnett Shale, Haynesville Shale, Marcellus Shale and Mid-Continent regions of the U.S. CHKM’s common units are listed on the New York Stock Exchange under the symbol CHKM. Further information is available at http://www.chkm.com where CHKM routinely posts announcements, updates, events, investor information and presentations and all recent press releases.
Chesapeake Midstream Partners, L.P.
Investor Contact:
Dave Shiels, CFO, 405-935-6224
dave.shiels@chk.com
or
Media Contacts:
Jack Cowell, 917-405-0717
jack.cowell@global-infra.com
or
Tom Johnson, 212-371-5999
tbj@abmac.com
Source: Chesapeake Midstream Partners, L.P.
———————————————-
Chesapeake Midstream Partners
L.P.
Investor Contact:
Dave
Shiels
CFO
405-935-6224
dave.shiels@chk.com
or
Media
Contacts:
Jack Cowell
917-405-0717
jack.cowell@global-infra.com
or
Tom
Johnson
212-371-5999
tbj@abmac.com