OKLAHOMA CITY (AP) — The Oklahoma City Thunder said Tuesday that Chesapeake Energy Corp. has terminated its arena naming rights agreement.

The move was effective immediately, though the team said the name will remain until a new partner is found. The original 12-year agreement was announced in 2011, but the Thunder said the company had made its decision as part of a restructuring.

The Thunder became a Western Conference power while playing home games at Chesapeake Energy Arena, fueled by All-Stars Kevin Durant and Russell Westbrook. The arena known locally as "The 'Peake" hosted the 2012 NBA F...