Oklahoma City-based Chesapeake Energy Corp. is going back to the future, agreeing Wednesday to pay $2.2 billion for one of the Haynesville Shale’s biggest natural gas producers, Vine Energy Inc.

The announcement hearkened to the past, when Chesapeake took advantage of low natural gas prices in the mid-2000s to build the biggest Lower 48 portfolio in the country. Chesapeake was one of the first companies to actively develop the Haynesville as the unconventional revolution took off.

“This transaction strengthens Chesapeake’s competitive position, meaningfully increasing our free cash flow outlook and deepening our inventory of premium gas locations, while preserving the strength of our balance sheet,” interim CEO Mike Wichterich said. “By consolidating the Haynesville,...