“We think the new ownership structure provides a stable platform for executing on the vast growth opportunities in the business.”
Chesapeake Midstream CEO Mike Stice said the deal is good for the partnership and its shareholders.
“We have the same great assets, the same best-in-class contractual structure, financial strategy and management team,” Stice said in a conference call Friday. “We believe this is a transformational ownership platform that provides both stability and growth potential.”
Chesapeake Midstream's stock rose $1.11 on Friday, closing at $26.18 a unit.