Former Chesapeake subsidiary unveils new name
Chesapeake Midstream Partners has emerged from its sale to a new general partner as Access Midstream Partners.
Chesapeake Energy Corp.'s former pipeline subsidiary got a new name on Tuesday.
Access Midstream Partners made its debut on the New York Stock Exchange, trading under the ticker symbol “ACMP,” after the board of its general partner approved its name change.
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Jul 25Chesapeake Midstream Partners has emerged from its sale...
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“The board of directors and the management team believe the new name reflects the partnership's ability to provide producers reliable access to quality downstream markets and to provide investors access to growth in distributions and superior total returns,” CEO Mike Stice said in a statement.
Access' stock climbed 4 cents Tuesday, closing at $28.50 a unit.
The Oklahoma City-based partnership used to be known as Chesapeake Midstream Partners, but that name was destined to change after Global Infrastructure Partners completed its takeover of the general partner earlier this month.
The private equity firm helped Chesapeake form the midstream partnership in 2009 before acquiring the cash-strapped oil and natural gas company's interests earlier this month for $2 billion.
Global Infrastructure Partners also is negotiating with Chesapeake to acquire subsidiary Chesapeake Midstream Development LLC, while Access Midstream is looking to add some more of Chesapeake's natural gas gathering and processing assets in the Mid-Continent region.
Those deals could bring in another $2 billion for Chesapeake, which has been shedding assets to overcome a budget shortfall estimated to be as much as $22 million.
The Oklahoma City-based company has announced deals worth about $4.7 billion this year, with additional assets still up for sale. The biggest pieces are Chesapeake's acreage in west Texas' Permian Basin and a joint venture in the oil-rich Mississippian play in northern Oklahoma and southern Kansas.
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