Chesapeake Energy Corp. said Friday that it will proceed with a spinoff of its oil-field services operations to shareholders as it also plans other asset sales. The oil and natural-gas company filed earlier this year for a possible spinoff of Chesapeake Oilfield Operating LLC, a move the company had been considering. Chesapeake plans to change the name of the division to Seventy Seven Energy Inc. upon the spinoff. The division—which offers drilling, hydraulic fracturing and rig relocation, among other services—pulled in about $2.2 billion in revenue last year. This and other planned asset sales will bring the total value of sales and divestitures in 2014 to more than $4 billion, the company said. Chesapeake has already received more than $925 million of asset sale proceeds so far this year. Upon completion of the spinoff—which the company intends to be tax-free to its shareholders—and an expected recapitalization, about $1.1 billion […]