More than 9 months after Chesapeake Energy announced a more than $7 billion merger with Houston-based Southwestern Energy company, the deal is complete.
The merger means the name, Chesapeake Energy, will no longer exist but will remain in Oklahoma City. Trading on the NASDAQ under the new name, Expand Energy Corporation, will begin Wednesday, Oct. 2. The public trading will be under the ticker “EXE” and continued Tuesday under the symbol “CHK.”
The two firms announced Tuesday they formally closed on the combination of energy exploration and production efforts, a deal announced originally in early January 2024. The delay was the result of Democrats in the U.S. Senate who wanted deeper examination of major oil and gas mergers by the Federal Trade Commission.
“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.
