New energy company to form from Chesapeake Energy, Southwestern Energy

Oklahoma City-based Chesapeake Energy and Southwestern Energy will complete their merger by the first week of October, assuming the new name Expand Energy Corporation, according to a news release.

“The world is short energy,” said Nick Dell’Osso, Chesapeake’s president and CEO. “With a premium scaled position across leading natural gas basins in the United States, a peer-leading returns program and a resilient financial foundation, 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.”

The company plans to keep its headquarters in Oklahoma City with a presence at Southwestern Energy’s Houston location. Operations also will continue in Pennsylvania and Louisiana.

More: Chesapeake Energy’s acquisition of Southwestern Energy is expected to be complete this year.

Workforce is under review at this moment as the company comes together, said Brooke Coe, communications and media relations manager. 

Valued at over $7.4 billion, the new energy company will be one of the largest oil and gas producers in the United States, allowing it to enter the most competitive global markets and increasing shareholder value, Southwestern announced in a news release earlier this year.

Chesapeake and Southwestern announced they would merge sometime in the last quarter of the year in January in a news release. Contracts from both parties were signed on May 17. Under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, the two companies had to complete a waiting period, which has now expired, allowing Chesapeake and Southwestern to successfully complete the merger.

Expand Energy will operate under the public trading ticket symbol “Exe.”

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