Warren Buffett's Berkshire Hathaway is Betting on Verizon and Chesapeake Energy Will Spin Off Oilfield Services Unit
Verizon Communications Inc. (NYSE: VZ) has had several major investors picked up stakes in the company. Reports revealed that Warren Buffett's Berkshire Hathaway had 11 million shares valued at approximately $524 million as of the end of March. John Paulson's new Verizon stake was worth $415.9 million at the end of the quarter, while Daniel Loeb's stake was worth $166 million, according to The Wall Street Journal.
Verizon Communications Inc., through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses, and governmental agencies worldwide. Its Wireless segment offers access to various wireless voice and data services comprising Internet access through smart phones and basic phones, and notebook computers and tablets; messaging services to send and receive text, picture, and video messages; and consumer and business focused multimedia applications under the Verizon Wireless brand.
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Chesapeake Energy Corporation (NYSE: CHK) is planning to spin off its oilfield services business as part of a move to streamline its operation. The oil and natural gas company said that the spinoff to Chesapeake shareholders should be completed next month and will eliminate about $1.1 billion in debt from its balance sheet. The company previously announced in February that it was considering the move.
Chesapeake Energy Corporation is engaged in the acquisition, exploration, and development of properties for the production of natural gas, oil, and natural gas liquids (NGL) from underground reservoirs in the United States. The company operates in three segments: Exploration and Production; Marketing, Gathering, and Compression; and Oilfield Services. It holds interests in natural gas resource plays, including the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin of West Virginia and Pennsylvania; and the Barnett Shale in the Fort Worth Basin of north-central Texas.
Get more information on Chesapeake Energy Corporation and free access to the in depth equity report at: www.TrendingWallStreet.com/stockquote/CHK
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