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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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April 22, 2015
10:25 EDTCHKNomura U.S. energy analysts hold an analyst/industry conference call
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07:13 EDTCHKChesapeake initiated with a Reduce at Nomura
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April 20, 2015
10:43 EDTCHKStocks with call strike movement; AAL CHK
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April 14, 2015
10:31 EDTCHKAELP says McClendon did not approve Chesapeake settlement
Aubrey McClendon and American Energy Partners, LP responded to the announcement by American Energy Utica and The Energy & Minerals Group that Chesapeake Energy (CHK) has dismissed AEU and the John Doe Defendants 1-20 from the lawsuit filed by Chesapeake on February 17. The statement read, "AEU apparently chose to settle with Chesapeake before any discovery was taken, evidently for the business purpose of mitigating further damage that Chesapeake's litigation has been having on AEU's business and financing activities. AEU has the right to resolve the case in this fashion, but this resolution should not be mistaken as reflecting an informed view of the merits of Chesapeake's claims or a concession of any liability by any party to Chesapeake. Although Mr. McClendon is a director and the single largest non-institutional shareholder in AEU, he did not approve the settlement and neither he nor AELP were advised of the negotiated terms of this settlement. AELP and Mr. McClendon will continue their efforts to have the dispute arbitrated as required by Mr. McClendon's agreements with Chesapeake. As he will show in the appropriate forum, Mr. McClendon rightfully possesses an extensive array of information about more than 16,000 wells, and the related leasehold acreage and future wells, he jointly owns with Chesapeake, including land, well, title, accounting, geological, engineering, reservoir, operating, marketing, and performance information. Mr. McClendon's well-documented agreements with Chesapeake gave him the right to own and use this information for his own purposes, including sharing it with his employees, contractors, advisors, consultants and affiliated entities."
10:16 EDTCHKAmerican Energy - Utica dismissed from Chesapeake lawsuit
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