EQT To Buy Chevron's Appalachian Basin Assets For $735 Mln

(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."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Latest Markets Videos


Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

Learn More