Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Chesapeake Oilfield Services Plans IPO - Update

Chesapeake Oilfield Services Inc., a part of Chesapeake Energy Corp. (CHK: Quote), in a regulatory filing Monday said it plans to commence an initial public offering of its Class A common shares. The company did not reveal the number of shares or the price at which it will effect the offering.

As per the SEC filing, Chesapeake Oilfield Services has tagged the maximum aggregate price of the IPO at $862.5 million, solely for the purpose of calculating registration fee for the offering.

Chesapeake Oilfield Services plans to list the Class A common stock on the New York Stock Exchange under the symbol "COS."

Upon closing of the offering, Chesapeake Oilfield Services will also issue Class B shares of common stock to Chesapeake Energy Corp., the filing said.

Goldman, Sachs & Co. and BofA Merrill Lynch are the underwriters for the offering.

Chesapeake last October completed the process of reorganizing its oilfield services subsidiaries and operations as units of COS Holdings LLC.

Chesapeake Oilfield Services provides Chesapeake Energy and its partners with services in the Eagle Ford, Utica, Granite Wash, Cleveland natural gas plays, among others. The company believes its high-growth, high-utilization business model will enable it to continue creating strong shareholder value.

Meanwhile, Chesapeake Energy Corp. which plans to raise up to $12 billion through asset sales and joint ventures in 2012, last week said it completed three oil and gas asset monetization transactions for a total of about $2.6 billion.

CHK is trading at $19.19, down $0.76 or 3.81%, on a volume of 23.2 million shares on the NYSE. In after hours, the stock gained 0.05%.

Register
To receive FREE breaking news email alerts for Chesapeake Energy Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that it swung to a second quarter loss, hurt by higher costs and expenses even as revenue surged 47%. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. Kraton Performance Polymers, Inc. (KRA), Wednesday reported second-quarter net income of $11.1 million or $0.33 per share, up from $3.8 million or $0.12 per share last year. Adjusted earnings improved to $0.46 per share from $0.15 per share last year. Revenues for the quarter dropped to $323.8... Organic grocer Whole Foods Market, Inc. said Wednesday after the markets closed that its third quarter profit rose 6.3% from last year, as same-store sales increased 3.9%. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell shy of analyst' forecast.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.