Chesapeake Energy Corporation and Southwestern Energy Company have announced that the waiting period in connection with their pending combination under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired. The companies expect the merger to close in the first week of October.
Upon closing, the combined company will be rebranded as Expand Energy Corporation and will commence public trading on the NASDAQ under the ticker symbol "EXE."
The combined company is expected to be the largest natural gas producer in the U.S. and will hold leading positions in top U.S. oil and gas plays. Chesapeake Energy Corporation also aims to achieve net zero GHG emissions (Scope 1 and 2) by 2035.
Southwestern Energy Company is a leading U.S. producer and marketer of natural gas and natural gas liquids, focusing on responsibly developing large-scale energy assets in the nation's most prolific shale gas basins.
Nick Dell’Osso, Chesapeake’s President and CEO, stated that Expand Energy is uniquely positioned to compete on an international scale and deliver opportunities for the world’s energy customers.
The rebranded company aims to expand America’s energy reach and deliver affordable, reliable, lower-carbon energy while leveraging its scale, financial strength, and operational execution to create sustainable value for its stakeholders. Following these announcements, the company's shares moved -1.9%, and are now trading at a price of $6.73. If you want to know more, read the company's complete 8-K report here.
