Chesapeake Energy $CHK approves spinoff of SSE

On June 6, 2014, the board of directors of Chesapeake Energy Corporation approved the spin-off of Seventy Seven Energy Inc. (formerly, Chesapeake Oilfield Operating, L.L.C.), or SSE, an indirect, wholly-owned subsidiary of Chesapeake, through a pro rata stock distribution to holders of Chesapeake common stock. SSE’s assets and businesses generally consist of those that Chesapeake reports as its oilfield services operating segment in its consolidated financial statements. Source: Filing