Chesapeake Energy Corp. on Monday said its board has approved the spinoff of its oilfield-services operations into a separate, publicly traded company. The separation will be achieved through a distribution to Chesapeake shareholders after business closes June 30, as expected, the company said. Chesapeake said shareholders of record at the close of business on June 19 will receive one share of the new company, called Seventy Seven Energy Inc., for every 14 shares they own of Chesapeake common stock. Shareholders will receive the Seventy Seven Energy stock in a generally tax-free distribution, although cash received in lieu of fractional share interests will be considered taxable, Chesapeake said. Chesapeake said earlier this year that it may separate its oilfield-services operations, which provide drilling and pressure-pumping equipment to Chesapeake and other energy concerns. The business generated $2.2 billion in revenue last year. In May, the company said it would proceed with […]