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Stock Market & Financial Investment News

News Breaks
June 9, 2014
06:18 EDTCHKChesapeake board of directors approves spin-off of oilfield services business
Chesapeake Energy Corporation announced that the spin-off of Chesapeake's oilfield services business into a stand-alone, publicly traded company called Seventy Seven Energy has been approved by the Chesapeake Board of Directors. The two companies will be separated through the distribution of SSE common stock to holders of Chesapeake common stock on a pro rata basis. Chesapeake shareholders will receive one share of SSE common stock for every 14 shares of Chesapeake common stock held at the close of business on the record date of June 19. No fractional shares of SSE common stock will be issued; however, shareholders entitled to receive a fractional share of SSE common stock in the distribution will instead receive the cash value of that fractional share. Subject to the satisfaction of the conditions to closing, the distribution is expected to occur following the close of business on June 30. Following the distribution of SSE common stock, SSE will be an independent, publicly traded company, and Chesapeake will retain no equity interest. SSE has applied to list its common stock on the New York Stock Exchange under the symbol "SSE." Chesapeake has received a private letter ruling from the Internal Revenue Service and expects to obtain an opinion of tax counsel, in each case, substantially to the effect that, based on certain facts, assumptions, representations, and covenants, and subject to certain limitations set forth therein, for U.S. federal income tax purposes, the distribution of SSE common stock generally will be tax-free to U.S. holders of Chesapeake common stock, other than with respect to any cash received in lieu of fractional share interests, which generally will be taxable to such holders as capital gain. Upon completion of the spin-off, Jerry L. Winchester and Cary D. Baetz will remain as CEO and CFO , respectively, of SSE.
News For CHK From The Last 14 Days
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October 1, 2014
12:18 EDTCHKChesapeake says capital efficiency is main driver for company looking forward
The company said it is focusing on financial discipline, adding thing it is time to grow without increasing its capital base. Chesapeake said it will continue to look aggressively at growing its position, but it can grow production and reserve position just by focusing on what they own today. Chesapeake said it is pleased with the progress it has made, but is nowhere it wants to be. Targets 2014 production growth of 9%-12%. Says capital efficiencies is coming in everything they do, including cycle times. Says liquidity remains strong, approach $4B. The company said its 2014 CapEx is $5.8B compared to $15B in 2012. Continues to anticipate year-end 2014 exit rate will exceed 730,000 boe per day. Comments taken from Deutsche Bank Annual Leveraged Finance Conference.
07:20 EDTCHKDeutsche Bank to hold a conference
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September 20, 2014
20:43 EDTCHKChesapeake, Weatherford seem attractive, Barron's says
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