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Chesapeake Energy completes spinoff

Published on NewsOK Modified: July 1, 2014 at 6:39 am •  Published: July 1, 2014

OKLAHOMA CITY (AP) — Chesapeake Energy, an Oklahoma City-based oil and natural gas producer, has completed the spinoff of its oilfield services business.

The separate, publicly traded company is called Seventy Seven Energy Inc. It previously operated as Chesapeake Oilfield Operating LLC.

Chesapeake Energy distributed one share of Seventy Seven Energy's common stock to its shareholders for every 14 shares of Chesapeake stock outstanding as of June 19, which was the record date for distribution.

Chesapeake Energy Corp. said that Seventy Seven Energy will start trading on the New York Stock Exchange on Tuesday under the "SSE" ticker symbol. Chesapeake Energy will continue to trade on the NYSE under the "CHK" ticker symbol.