32 MARCH 2024 WorldWide Drilling Resource® Merger Accelerates America’s Energy Reach Adapted from Information by Chesapeake Energy Corporation and Southwestern Energy Company Chesapeake Energy Corporation and Southwestern Energy Company have agreed to merge, creating a premier energy company uniquely positioned to deliver affordable, lower carbon energy to meet the growing domestic and international demand. The merger includes Southwestern Energy’s assets concentrated across more than 938,000 net acres in the Appalachia and Haynesville Basins in Pennsylvania, West Virginia, Ohio, and Louisiana. The operations in Pennsylvania, West Virginia, and Ohio, referred to as Appalachia, are primarily focused on the Marcellus and Utica Shale Formations, while the operations in Louisiana, are focused on the Haynesville and Bossier Formations. When combined with Chesapeake Energy’s current operations in the Haynesville Formation, 370,000 net acres in Louisiana, and 475,000 net acres in the Marcellus Formation in northeastern Pennsylvania, the company is on target to becoming one of the top independent natural gas producers in the country. Chesapeake’s President and CEO Nick Dell’Osso said, "This powerful combination redefines the natural gas producer, forming the first U.S.-based independent that can truly compete on an international scale. The union creates a deep inventory of advantaged assets adjacent to high-demand markets, allowing for the application of proven operational practices . . . The world is short [on] energy, and demand for our products is growing, both in the U.S. and overseas. We will be positioned to deliver more natural gas at a lower cost, accelerating America's energy reach and fueling a more affordable, reliable, and lower carbon future. I look forward to leading the talented workforce of the combined organization to accelerate the long-term value opportunity for our shareholders, employees, and all stakeholders." Southwestern President and CEO Bill Way added, "I want to thank the entire Southwestern team for positioning the company to be part of this transformational combination. Together, Southwestern and Chesapeake can drive improved margins and returns from our highly complementary portfolios . . . to supply growing global natural gas demand. Most importantly, both sets of shareholders are able to participate in the substantial value creation and future growth opportunities of the combined company . . . " Southwestern Energy Company. G&O
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