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CHKM Access Midstream Partners L.P.

28.46
0.00 (0.00%)
Pre Market
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Access Midstream Partners L.P. NYSE:CHKM NYSE Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 28.46 0.00 01:00:00

GIP To Sell 9.3 Million-Unit Stake In Chesapeake Midstream

01/02/2012 11:38pm

Dow Jones News


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The second-largest holder of Chesapeake Midstream Partners LP (CHKM) offered to sell its stake in the pipeline operator, according to a filing with the Securities and Exchange Commission.

Private investment fund Global Infrastructure Partners will offer at least 9.3 million units in the company with the option to sell more, Chesapeake Midstream's SEC filing said Wednesday.

The partnership's units were down 3.9% at $28.59 in recent after-hours trading.

Chesapeake Midstream was formed by natural-gas giant Chesapeake Energy Corp. (CHK) and GIP to operate gas-gathering systems and other midstream energy assets. It went public in 2010.

GIP now owns about 13% of the limited partnership, while Chesapeake Energy recently owned about 49%, according to FactSet Research.

Chesapeake Energy has recently spun off several gas-distribution assets and is working to diversify its upstream holdings to lessen its exposure to natural gas as prices for the fuel wallow in North America.

GIP indirectly owns half of Chesapeake Midstream's general partner.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

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