Chesapeake Energy Corp (CHK.N), in the midst of a plan to reduce spending and cut debt, raised its stake in an oilfield services company on Tuesday in move that has left investors wondering about the natural gas producer's latest direction. In February, Chesapeake said it planned to sell its 26 percent stake in Frac Tech Inc as part of a bigger plan to reduce its heavy debt load.. Frac Tech, which has filed for an initial public offering and its CFO is former Chesapeake Chief Financial Officer Marc Rowland, agreed to sell 70 percent of itself to an investor group. When that deal closes, Chesapeake will own the remaining 30 percent of Frac Tech and will receive a cash distribution, according to a press release from Frac Tech. "They were supposed to be wanting to sell it," said Fadel Gheit, oil analyst at Oppenheimer & Co. "I'm puzzled by this, but at the end of the day they want to maximize value in their stake. Perhaps they are going back on their word to do this."
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