EQT has agreed to purchase Chevron’s (NYSE:CVX) upstream and midstream assets in the Appalachian Basin for $735M. The all-cash deal is seen closing before year-end.
EQT CEO Toby Rice: “This acquisition is a natural bolt-on extension of EQT’s dominant position in the core of the southwest Marcellus and supplements our already impressive asset base.”
The acquisition includes current net production of about 450 MMcfe per day, with 75% gas and 25% liquids, about 100 work-in-progress wells, about 125K core net Marcellus acres; 335K total net Marcellus acres.
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