Chesapeake Energy Corp (CHK)

[Timothy Smith]

Chesapeake Energy (CHK +6.7%) surges higher after announcing a deal with Williams Cos. (WMB +1.4%) that will decrease its natural gas transportation costs in exchange for higher volume.

The deal should help improve CHK's 2016 guidance by diminishing the issues of high transportation costs and minimum volume commitments that have weighed on the shares for nearly a year, Wunderlich's Jason Wangler says.