Since the U.S. began exporting LNG in 2016, natural gas producers have largely defined their role as feedstock suppliers selling their gas to liquefaction facilities at domestic prices. But for some producers, that business model is changing to reap greater rewards.

Reese Energy Consulting today is following the latest news from Okla. City-based Chesapeake, which has signed a long-term LNG supply agreement with Switzerland-based Gunvor Group, one of the world’s largest independent commodity traders. Under the agreement, Chesapeake will supply up to 2 MTPA of LNG to Gunvor indexed to Japan Korea Marker (JKM) for 15 years beginning in 2027. The two parties will determine the most optimum LNG liquefaction facility. Chesapeake will supply the gas from its Haynesville operations.

JKM is the LNG benchmark for spot market value of cargoes delivered to Japan, South Korea, China, and Taiwan—the destination majority of global LNG demand. EOG, Apache, and Tourmaline have contracted with Cheniere with gas prices linked to JKM. EQT, the nation’s largest gas producer, is exploring investments in liquefaction capacity. The company currently moves about 1 BCFD from the Appalachian Basin to the Gulf Coast but has recently expressed interest in LNG opportunities along the East Coast.