Chesapeake sells final Eagle Ford package to SilverBow for $700M; total exit proceeds exceed $3.5B

EXPAND ENERGY Corp

Sale of ~42,000 net acres and ~540 wells in condensate-rich Eagle Ford for $700M.
Chesapeake receives $650M at close; $50M deferred one year plus contingent up to $50M based on WTI.
Exit from Eagle Ford totals >$3.5B; company to focus on Marcellus and Haynesville.
Q2 2023 production from assets averaged ~29,000 boe/d (60% liquid), generating ~$50M EBITDAX.
Transaction expected to close in 2023; proceeds to strengthen balance sheet and share repurchase program.

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