Chesapeake May Let Oilfield Services Division Go
Monday, February 24, 2014
OKLAHOMA CITY– Chesapeake Energy Corporation announced that it is pursuing strategic alternatives for its oilfield services division, including a potential spin-off to Chesapeake shareholders or an outright sale.
Chesapeake Oilfield Services, COS’ operations are currently conducted through Chesapeake’s wholly owned subsidiary, Chesapeake Oilfield Operating. Its service offerings include drilling, hydraulic fracturing, oilfield rentals, rig relocation, and fluid handling and disposal.
Chesapeake Oilfield Services
As of December 31, 2013, COS owned or leased 115 land drilling rigs, nine hydraulic fracturing fleets, 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.
In addition to services performed for Chesapeake, approximately 35 percent of COS’ drilling rigs are currently working for third-party operators, and COS intends to grow its third-party customer base as an independent provider of oilfield services.
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