Successful Integration and Synergies
The integration of Chesapeake and Southwestern is on track to achieve approximately $400 million in synergies in 2025 and $500 million by year-end 2026. The merger has allowed the elimination of approximately $1 billion in gross debt, including $440 million in Q1.
Investment Grade Ratings Achieved
The company joined the S&P 500 index and was upgraded to investment grade by Moody's, now holding investment grade ratings from all agencies.
Strong Cash Flow and Capital Returns
The company has returned about $3.7 billion to investors through dividends and buybacks, demonstrating a strong commitment to returning cash to shareholders.
Hedging Strategy Success
Since the start of the year, 740 Bcfe of new hedges were added with an average floor price of $3.75 and an average ceiling of $5.10. Last year, the company recognized $1.6 billion of hedge gains.
Record Operational Performance
The company achieved record quarters for footage per day in Haynesville and Northeast Appalachia, and drilled the longest lateral ever in Southwest Appalachia at over 25,000 feet.