Tulsa-based Williams has reached a global resolution with one of its biggest customers, bankrupt Chesapeake Energy Corp., to continue to treat and move its natural gas in the Lower 48.

Chesapeake filed for Chapter 11 bankruptcy protection in June to wipe out $7 billion of debt. As part of the auction process, Chesapeake last week sold its Oklahoma assets to Tapstone Energy LLC for $130.5 million. 

Reaching a gas gathering agreement with Williams would allow Chesapeake to continue to have a reliable outlet for its natural gas production from the Eagle Ford, Haynesville and Marcellus shales, as well as the Midcontinent.

“Williams has strategically invested in large-scale and essential infrastructure necessary to gather and treat the natural gas that Chesapeake and its joint...