EQT to Acquire Chevron's Appalachian Assets for $735 Million

Updated 10 months 3 weeks ago

EQT has entered into a definitive agreement to acquire Chevron's upstream and midstream assets in the Appalachian Basin for $735 million. This includes current production of 450 million cubic feet equivalent per day (75% gas, 25% liquids); 100 work-in-progress wells; 125,000 core net Marcellus acres; 335,000 net Marcellus acres; 31% interest in Laurel Mountain Midstream; and two water systems in Pennsylvania and West Virginia.

This deal is expected to close late in fourth quarter of 2020 with an effective date of July 1, 2020. Jeffries advised EQT on the transaction.

EQT President & CEO

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.