Chesapeake Energy Corp. surged the most in almost six years after announcing plans to sell natural gas and oil shale fields to Southwestern Energy Co. for $5.4 billion in its biggest-ever divestment.

The transaction includes 1,500 wells and drilling rights across 413,000 acres in the southern Marcellus Shale and eastern Utica Shale in Pennsylvania and West Virginia, Oklahoma City- based Chesapeake said in a statement today.

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