Chesapeake Energy and Southwestern Energy announced today that they have entered into a merger agreement in an all-stock transaction valued at $7.4 billion, or $6.69 per share, based on Chesapeake's closing price on January 10, 2024.

Under the terms of the agreement, Southwestern shareholders will receive 0.0867 shares of Chesapeake common stock for each share of Southwestern common stock outstanding at closing.

' The combined company, which will take on a new name at closing, will be uniquely positioned to provide affordable, low-carbon energy to meet growing domestic and international demand' says the group.

' 'This powerful combination redefines the natural gas producer, forming the first U.S.-based independent that can truly compete on an international scale,' said Nick Dell'Osso, Chesapeake president and CEO.

' We will be able to provide more natural gas at lower cost, accelerating America's energy reach and powering a more affordable, reliable and lower-carbon future.'

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