As gasoline prices continue to rise, more companies are looking at natural gas as a transportation fuel.

Chesapeake Energy (CHK) and General Electric (GE) have partnered to bring natural-gas fueling to gas stations and convenience stores. This collaboration will combine GE's technology know-how with Chesapeake's expertise in developing fueling solutions.

Chesapeake Energy operates in the natural gas and oil production domain and also owns midstream and other oilfield assets in compression, drilling, trucking and pressure pumping. It competes with Cimarex Energy (XEC) and Linn Energy (LINE) among others in the oil and natural gas segments.

The company plans to provide around 250 natural-gas compression stations called "CNG in a Box" by 2015. The "box" is actually an on-site facility for compressing natural gas coming from a pipeline at a refilling station or industrial location. This will not only help expand access to cleaner and affordable natural gas, but also reduce America's dependence on oil for energy needs.

This will also significantly cut operational costs of natural-gas fueling stations and, hence, improve EBITDA margin for Chesapeake's midstream division.

Natural-gas prices have dipped lately on account of a dramatic increase in shale gas resources. The collaboration with GE could persuade operators to install more fueling stations. This will boost Chesapeake's midstream operations, which include marketing, gathering and compression, that account for around 2% of Chesapeake's $35 Trefis price estimate.