Chesapeake Energy To Change Name In Merger With Southwestern Energy Company

The Chesapeake Energy Corporation announced on Thursday that it will undergo a name change when it merges with Southwestern Energy Company in October.

The company said the waiting period for the companies' pending combination has ended, and the two companies expect the merger to close in the first week of October.

According to a press release, the combined company will be the largest natural gas producer in the U.S. and will assume the name Expand Energy Corporation.

It will be available for public trading on the Nasdaq under the ticker symbol "EXE" at the opening of trading the day after it closes.

"The world is short energy," said Nick Dell'Osso, Chesapeake's President and Chief Executive Officer. "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 two companies announced they would merge in January following a $7.4 billion agreement between them.

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Dell'Osso will stay on to lead the new company, which will be headquartered in Oklahoma City, but a material presence will remain in Houston, where Southwestern Energy is currently headquartered.

The new company is estimated to be worth $24 billion.