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Chesapeake to spinoff oil field services unit, divest $4 billion in assets

16.05.2014 / Energyboardroom

Chesapeake Energy Corp., Oklahoma City, has decided to proceed with spinning off its oil field services business, currently conducted through its wholly owned subsidiary Chesapeake Oilfield Operating LLC (COO), almost 3 months after reporting that a spinoff or outright sale of the business was under consideration (OGJ Online, Feb. 24, 2014). COO will also convert into a corporation and change its name to Seventy Seven Energy Inc.

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