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Chesapeake pursuing strategic alternatives for its oilfield services division


Published Feb 25, 2014
Chesapeake Energy Corporation

Chesapeake Energy Corporation is pursuing strategic alternatives for its oilfield services division, Chesapeake Oilfield Services (COS), including a potential spin-off to Chesapeake shareholders or an outright sale. COS' operations are currently conducted through Chesapeake's wholly owned subsidiary, Chesapeake Oilfield Operating, L.L.C. COS had revenues in 2013 of approximately $2.2 billion, and its service offerings include drilling, hydraulic fracturing, oilfield rentals, rig relocation, and fluid handling and disposal.

Led by Chief Executive Officer Jerry Winchester, who previously served as CEO of publicly traded oilfield services company Boots & Coots, Inc., and an experienced management team, COS is well positioned to succeed as a stand-alone company. As of December 31, 2013, COS owned or leased 115 land drilling rigs, including 10 proprietary, fit-for-purpose PeakeRigs that utilize advanced electronic drilling technology. Also as of December 31, 2013, COS owned nine hydraulic fracturing fleets with an aggregate of 360,000 horsepower; a diversified oilfield rentals business; an oilfield trucking fleet consisting of 260 rig relocation trucks; 67 cranes and forklifts used to move drilling rigs and other heavy equipment; and 246 fluid hauling trucks.

Tags: Chesapeake Energy Corporation




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