切萨皮克能源公司（现为Expand Energy）在标准普尔的评级提升了两个等级

Chesapeake Energy begins trading Wednesday as Expand Energy (NASDAQ:EXE) following the closing of its previously announced $12.1B acquisition of Southwestern Energy, and S&P Global Ratings returned the merged company to investment grade with a BBB- rating, up two notches from BB.

S&P said its stable outlook reflects expectations that funds from operations to debt will remain above 60% over the next two years, Chesapeake will generate positive discretionary cash flow, and will prioritize debt reduction until it achieves its $4.5B net debt target.

The agency said the merger triples Chesapeake's proved reserve base and more than doubles its production; on a pro-forma basis, proved reserves at year-end 2023 topped 29T cfe, and production will total ~7B cfe/day in 2025, making the company one of the largest independent E&P companies and the largest producer of U.S. natural gas.

Despite incremental debt incurred as a result of the merger, S&P expects Chesapeake's credit measures will remain strong, with FFO/debt of ~70% in 2025 and more than 120% in 2026, along with increasing positive discretionary cash flow, with the improvement driven by expectations for rising natural gas prices and debt reduction.