Chesapeake Energy completed the acquisition of Tug Hill and Chief E&D Holdings for $2.5bn.

Chesapeake Energy, an American energy company, completed the acquisition of Tug Hill, a privately held, independent oil & gas exploration company, and Chief E&D Holdings, a privately held, independent, oil and natural gas exploration and production company, for $2.5bn. "We're pleased to announce concurrent, transformative transactions that meet the high bar set by our acquisition non-negotiables and clarify our portfolio, allowing our talented team to focus on our highest rate of return assets. We know the importance of scale and the Chief and Tug Hill assets fit like a glove with our existing position in the northeast Marcellus Shale. The acquisition checks all the boxes: it lengthens our premium inventory, further focuses our capital allocation, provides operational efficiencies, is accretive to free cash flow per share, allows us to grow our base dividend, preserves our balance sheet strength and improves our GHG emissions metrics," Nick Dell'Osso, Chesapeake President and CEO.