Group sells Chesapeake stock
Chesapeake Energy Corp.’s biggest shareholder has reduced its stake in the company, according to a regulatory filing. Southeastern Asset Management Inc. now controls 73.2 million shares of Chesapeake stock, according to Monday’s filing. That is about 10.9 percent of the company’s outstanding stock. The Memphis, Tenn.-based money manager owned 89.3 million shares of Chesapeake in August, when it declared itself a passive investor in the company. Southeastern’s efforts as an active shareholder in 2012 led to a shakeup of Chesapeake’s board and the eventual ouster of co-founder Aubrey McClendon.
Compressco predicts growth
Compressco Partners LP expects revenues to reach as much as $135 million this year, resulting in pretax profits ranging from $24 million to $28 million, the company said Monday. President Ronald J. Foster said the midrange of Compressco’s 2014 guidance represents double-digit growth over last year. “This improvement is driven by our expectation of increased demand for and utilization of our compression-based production enhancement services in the markets we currently serve,” Foster said. Compressco also expects to expand into new markets with its high-pressure, three-stage SuperJack compressor packages. “We believe domestic demand for production enhancement should increase in 2014 as commodity prices have increased in our conventional gas markets,” Foster said.