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February 24, 2014
06:01 EDTCHKChesapeake to pursue strategic alternatives for Oilfield Services division
Chesapeake Energy announced that it is pursuing strategic alternatives for its oilfield services division, Chesapeake Oilfield Services, or COS, including a potential spin-off to Chesapeake shareholders or an outright sale. COS’ operations are currently conducted through Chesapeake’s wholly owned subsidiary, Chesapeake Oilfield Operating. COS had revenues in 2013 of approximately $2.2B, and its service offerings include drilling, hydraulic fracturing, oilfield rentals, rig relocation, and fluid handling and disposal. Chesapeake management believes that COS can maximize its value to Chesapeake shareholders outside of the current ownership structure by, among other things, optimizing the allocation of capital and corporate resources in a manner that focuses on achieving the strategic priorities of Chesapeake and COS. In addition to services performed for Chesapeake, approximately 35% of COS’ marketable drilling rigs are currently working for third-party operators and COS intends to grow its third-party customer base as an independent provider of oilfield services.
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