FILE PHOTO: Chesapeake Energy logo is seen on smartphone in front of displayed stock graph in this illustration taken January 25, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoSWN +7.50% Add to/Remove from Watchlist CHK +2.91% Add to/Remove from Watchlist(Reuters) -U.S. natural gas producer Chesapeake Energy (NYSE: ) and peer Southwestern Energy (NYSE: ) are nearing a merger that would create a nearly $17 billion company, a person familiar with the matter told Reuters on Friday. Shares of Southwestern and Chesapeake closed more than 7% and 3%, respectively, after the Wall Street Journal reported the talks earlier in the day. The deal talks come against the backdrop of a sluggish U.S. natural gas prices. Chesapeake has been shedding oil-producing assets to focus on its competence in natural gas since emerging from bankruptcy in 2021.

Source: Wall Street Journal January 05, 2024 21:00 UTC