(RTTNews) - EQT Corp. (EQT) Tuesday said it agreed to buy Chevron's upstream and midstream assets located in the Appalachian Basin for $735 million.
The deal is expected to close late in the fourth quarter of 2020. EQT intends to finance the acquisition with cash on hand, drawings under its revolving credit facility and/or one or more capital markets transactions.
President and CEO Toby Rice stated, "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. With the purchase price underpinned by PDP value, the extensive work-in-progress well inventory, core undeveloped acreage and water assets provide material value upside. Our unique knowledge of these assets, coupled with our superior operating model, puts these assets in the right hands to maximize the embedded value."
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