Chesapeake-Southwestern to become Expand Energy
Shale Consolidation: Chesapeake, Southwestern Form Expand Energy; Private Producers Seal $2-Billion Merger
New names and new deals continue to reshape the US shale sector.
September 26, 2024 By Trent Jacobs Journal of Petroleum Technology
Chesapeake Energy and Southwestern Energy announced on 26 September that they will soon combine to create the largest natural gas producer in the US, under the name Expand Energy. The companies highlighted that they have cleared antitrust regulations and expect to finalize the merger in the first week of October.
"The world is short energy," said Nick Dell'Osso, CEO of Chesapeake, in a statement, adding, “Expand Energy is uniquely positioned to compete on an international scale to expand America's energy reach and deliver opportunity for the world's energy customers."
Chesapeake moved to acquire Southwestern in January through an all-stock deal valued at $7.4 billion. The merged company is set to produce around 7% of total US natural gas output, or 7.3 Bcf/D, based on 2023 figures.
The newly formed company will become the largest operator in Louisiana’s Haynesville Shale, with a post-merger holding of 650,000 net acres. It will also hold a significant position in the Appalachian Basin, with 1.18 million net acres across Ohio, West Virginia, and Pennsylvania.
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Chesapeake Energy and Southwestern Energy Complete Merger and Provide Third Quarter Earnings Conference Call Information, Company Rebranded as Expand Energy
October 1, 2024
OKLAHOMA CITY, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Chesapeake Energy Corporation (NASDAQ: CHK) and Southwestern Energy Company (NYSE: SWN) today closed on their previously announced combination. The combined company has been rebranded as Expand Energy Corporation. Expand Energy’s common stock will commence public trading on the NASDAQ under the ticker “EXE” at the open of trading on October 2, 2024, and will continue to trade today under the symbol “CHK”.
“As America’s largest natural gas producer and a top producer globally, Expand Energy is built to disrupt the industry’s traditional cost and market delivery model,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “Behind our advantaged portfolio, peer-leading returns program and resilient financial foundation, we are poised to capture the significant synergies provided by this powerful combination. We will expand opportunity for shareholders and consumers alike by enhancing margins and reaching more markets, reducing the overall cost of energy. The world needs more energy, and our team is committed to sustainably delivering it to consumers.”
In connection with its rebranding, Expand Energy launched a new website, which can be found at www.expandenergy.com.
The company will release its 2024 third quarter operational and financial results as well as provide certain preliminary information regarding its 2025 capital and operational plan after market close on October 29, 2024. A conference call to discuss the results and preliminary 2025 plan has been scheduled for October 30, 2024 at 9:00 a.m. EDT. Participants can view the live webcast here. Participants who would like to ask a question, can register here, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided on Expand Energy’s website. A replay will be available on the website following the call.
About Expand Energy
Expand Energy Corporation (NASDAQ: EXE) is the largest independent natural gas producer in the United States, powered by dedicated and innovative employees focused on disrupting the industry’s traditional cost and market delivery model to responsibly develop assets in the nation’s most prolific natural gas basins. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.
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