Chesapeake Energy announced plans to acquire Southwestern Energy in an all-stock deal valued at $7.4 billion. The transaction will see Chesapeake offer $6.69 per share of Southwestern Energy stock, a 3% discount on the stock's previous closing price. The merger aims to make Chesapeake the largest natural gas producer in the US by output and market capitalization, surpassing EQT Corporation. The deal extends consolidation in the US energy sector, following multi-billion dollar acquisitions by ExxonMobil and Chevron recently.