Chesapeake Energy Corp. (NYSE: CHK) has filed a proposed initial public offering for its Chesapeake Oilfield Services (COS) subsidiary with the Securities and Exchange Commission, as it boosts its finances in the face of low domestic natural gas prices.

The IPO, valued at up to $862.5 million with a New York Stock Exchange listing, is a small portion of the $8 billion to $10 billion the Oklahoma City-based company needs to pay down debts and fund its $11 billion in planned 2012 spending.

The company collected $2.6 billion last week from the sales of shares in a newly created subsidiary, its expected natural gas production, and a gas field in Oklahoma.

Chesapeake Oilfield Services conducts drilling, hydraulic fracturing and other natural gas jobs for its parent company. It swung from a $22.6 million loss to a $40.8 million profit over the last two years.

The COS stock offering could give its parent company a fiscal kick-start, but in the SEC filing Chesapeake said, We are dependent on Chesapeake for a substantial majority of our revenues. Therefore, we are indirectly subject to the business risks of Chesapeake. We have no control over Chesapeake's business decisions and operations and Chesapeake is under no obligation to adopt a business strategy that favors us.

Shares of Chesapeake Energy rose two cents to $19.21 in afternoon trading.