Southwestern Energy’s stock surges on report of acquisition talks with Chesapeake Energy

📆 17/10/2023 19:38:00
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Wallace Witkowski came to MarketWatch from the Associated Press in New York, where he covered the business of Big Pharma, after covering FDA regulation of many of the same companies, as well as medical devices, in the Washington, D.C., area.

Southwestern Energy Co. SWN, +7.38% shares surged Tuesday following a report that Chesapeake Energy Corp. CHK, +0.67% is looking to buy the natural-gas producer. Southwestern Energy shares rallied more than 7% to an intraday high of $7.

33, following a Reuters report that Chesapeake and Southwestern are in preliminary talks, according to sources close to the matter. A combined company — $7.9 billion Southwestern and $11.75 billion Chesapeake — would overtake $18 billion EQT Corp. EQT, +1.48% as the largest U.S. natural-gas producer by market cap, according to FactSet. Chesapeake shares rose less than 1%, and EQT shares rose 2%.

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