History
Chesapeake refinanced heavily through the gas downturn, went bankrupt in 2020, emerged lighter, then merged with Southwestern in 2024 to become Expand Energy, the largest US gas producer.
2016-2017: Refinancing under strain
The record opens in April 2016, when Chesapeake amended its senior credit agreement. It kept a $4.0 billion borrowing base but pushed back the next review and suspended several leverage and interest-coverage tests into 2017, an early sign of strain in the gas price downturn. In May it began swapping debt for shares, issuing 28.1 million new shares (4.1% dilution) for $153 million face value of convertible and senior notes.
The rest of the period was a campaign to push out debt maturities. In August 2016 it borrowed $1.5 billion in a second-lien term loan (debt that ranks behind the main lenders) to fund tender offers for unsecured notes. In October it raised $1.24 billion net from 5.5% convertible notes due 2026, and in December it placed $1.0 billion of 8.00% notes due 2025. In 2017 it added $750 million of 8.00% notes due 2027 and, in October, a further $300 million of the 2025 notes and $550 million of the 2027 notes. Shares on issue rose from about 665 million at the end of 2015 to about 887 million at the end of 2016, though the beats explain only the small May exchange.
2018-2019: Selling gas, buying oil
In July 2018 Chesapeake agreed to sell its Ohio Utica Shale acreage, about 320,000 net acres and roughly 750 wells, to Encino Acquisition Partners for about $1.9 billion, shifting toward oil in the Powder River Basin and Eagle Ford. In September it replaced its 2014 credit agreement with a new $3.0 billion facility maturing in 2023 and raised $1.25 billion from new 2024 and 2026 notes. The Utica sale closed on 29 October for about $1.868 billion net cash, used to pay down debt.
That same day, 29 October, it agreed to buy WildHorse Resource Development, an Eagle Ford and Austin Chalk operator, for stock and cash, disclosing the deal on 30 October. A $120 million reverse break fee was payable if Chesapeake failed to close. The deal completed on 1 February 2019, with the credit facility amended so the new entity's debt was walled off as an unrestricted subsidiary.
2019-2020: Distress and bankruptcy
In April 2019 Chesapeake exchanged $918.5 million of 2020 and 2021 notes for new 8.00% notes due 2026. In September it issued 250.7 million new shares to a single large investment manager for nearly $588 million of preferred stock and notes, its largest exchange yet. In December it tightened its credit agreement, adding a requirement for at least $250 million of liquidity, and the NYSE warned that the shares had traded below the $1.00 minimum for 30 straight days. Later that month it exchanged unsecured notes for 11.5% second-lien notes due 2025 and raised $120 million.
In June 2020 lenders cut the borrowing base from $3.0 billion to $2.3 billion, and the company skipped about $13.5 million of bond interest. On 28 June it filed for Chapter 11 with a restructuring support agreement from lenders and noteholders. The NYSE moved to delist the stock, which traded over-the-counter as CHKAQ. The sources do not explain the fall in the share count to under 10 million at the end of 2020; old stock outstanding stood at 9,780,547 on 16 January 2021.
2021-2022: Emerging and rebuilding
On 16 January 2021 the court confirmed the reorganisation plan. Existing shareholders were to receive nothing, and creditors were to receive new stock and warrants. The company exited on 9 February 2021, issued $1 billion of new notes ($500 million of 5.5% due 2026 and $500 million of 5.875% due 2029), and relisted on Nasdaq as CHK.
It then began to grow. In August 2021 it agreed to buy Vine Energy, a Haynesville gas producer, in a $2.2 billion mostly-stock deal paying $1.20 cash plus 0.2486 Chesapeake shares per Vine share; it closed on 2 November. In January 2022 it agreed to buy Chief E&D and Tug Hill's Marcellus gas assets for $2.0 billion cash plus about 9.4 million shares, funded partly by selling its Powder River Basin assets to Continental Resources for about $450 million. Both closed in March 2022.
In August 2022 it offered to exchange its three classes of emergence warrants for common stock, to simplify its capital structure. When the offers closed in October, 51% of Class A, 64% of Class B and 65% of Class C had been tendered.
2024-2026: Becoming Expand Energy
The record is quiet through 2023. In January 2024 Chesapeake agreed an all-stock merger with Southwestern Energy, at 0.0867 Chesapeake shares per Southwestern share and about $7.4 billion in equity value. Chesapeake holders were to own about 60% of the combined company, which was expected to yield about $400 million of annual synergies. A $389 million break fee was payable by Chesapeake in specified circumstances. The FTC's second request in April delayed the timetable, but its waiting period expired in September.
The merger closed on 1 October 2024. The company renamed itself Expand Energy, began trading on Nasdaq as EXE, and described itself as the largest US natural gas producer. The year-end share count of about 231 million reflects that merger. In November it reached investment-grade credit ratings, which released collateral and eased covenants, and it raised $750 million of 5.700% notes due 2035. In September 2025 it replaced its credit facility with a $3.5 billion unsecured revolver maturing in 2030.
In February 2026 it deregistered its securities with the SEC, ending its duty to file reports. On 30 July 2026 it agreed to acquire the natural gas marketing and trading business Twin Eagle for $1.25 billion, the latest event on record.
Written from the 64 story beats below (2016 to 30 July 2026), which come from the company's own announcements and filings.