Chesapeake Energy Corp. has turned to another global commodity trader to help expose more of its U.S. natural gas production to international markets, inking a tentative deal with Vitol Inc. to sell up to 1 million metric tons/year (mmty) of LNG.

The heads of agreement (HOA) follows one that Chesapeake signed earlier this year with commodity trader Gunvor Group Ltd. to sell up to 2 mmty of liquefied natural gas.

“The participants in this market are very, very large,” said Chesapeake CEO Nick Dell’Osso in explaining why the company chose Vitol and Gunvor for the HOAs. “The majors participate in this market and the big commodities traders participate in this market on a daily basis. I think in order to be competitive there, you need to be part of a pool of volumes that can...