Chesapeake Energy has agreed to purchase Southwestern Energy in a $7.4 billion all-stock deal, the company announced Thursday, a merger that will cement its status as the nation’s largest natural gas producer at a time when U.S. export capacity is slated to reach an all-time high.

The merged company is slated to produce roughly 7.9 billion cubic feet of natural gas per day, said Chesapeake officials, whose investors will control roughly 60% of the operations (Southwestern shareholders will control the remaining 40%).

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