Adds deal details, background
Oct 27 (Reuters) - Natural gas producer EQT Corp EQT.N said on Tuesday it will buy U.S. oil major Chevron Corp's CVX.N assets in the Appalachian basin for $735 million.
The deal, which is expected to close late in the fourth quarter this year, includes about 100 work-in-progress wells.
The deal comes at a time when the COVID-19 pandemic has slashed energy demand, sent prices to historic lows earlier this year and forced producers to cut costs, curtail production and seek consolidation to weather a downturn.
Reuters reported last month that EQT had placed a bid on Chevron's Appalachia gas properties and a pipeline stake.
Chevron last year said it was considering a sale of the properties and took an $8.17 billion charge to earnings to write down their value and an unrelated U.S. offshore project.
(Reporting by Arundhati Sarkar in Bengaluru; Editing by Shounak Dasgupta)
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