(Source: Shutterstock, Expand Energy)
Chesapeake Energy Corp. has closed on its $7.4 billion takeover of Southwestern Energy Co., the companies announced Oct. 1.
The newly combined company, rebranded as Expand Energy, will commence public trading as “EXE” on the NASDAQ exchange on Oct. 2.
The combined company replaces EQT as the largest U.S. natural gas producer, with large footprints in the Appalachia and Haynesville shale basins.
The merger became public in January and went several rounds with the Federal Trade Commission before getting government approval. The companies announced last week that the deal’s close was imminent.
“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 CEO. “We are poised to capture the significant synergies provided by this powerful combination.”
The company will release its 2024 third-quarter operational and financial results after market close on Oct. 29.
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