It’s time to party like it’s 2009!
Last week, Chesapeake Energy – the corporate emblem of the rise and fall of the Oklahoma City renaissance – announced it was merging with Texas-based Southwestern Energy to create the largest natural gas producer in the country.
As a result of the merger, Chesapeake will get a new name and – at least for now – keep a large chunk of its corporate workforce at its largely vacant campus in Oklahoma City.
Via The Oklahoman:
Oklahoma City-based Chesapeake Energy announced Thursday it will merge with Houston's Southwestern Energy Company.
The $7.4 billion transaction will create the largest natural gas producer in the United States. The combined company will operate under a new name after the deal is closed, according to a press release from Chesapeake.
Nick Dell'Osso, the current President and CEO of Chesapeake, will retain that role with the combined company, which will be headquartered in Oklahoma City. The company will also maintain its Houston offices.
News of the merger rapidly made the rounds around the Oklahoma City social media ecosystem.