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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