EQT Announces Transformative Transaction with Alta Resources
Highly Economic Assets in the Core of the Northeast Marcellus
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PITTSBURGH, May 6, 2021 /PRNewswire/ EQT Corporation (NYSE: EQT) today announced that it has entered into a purchase agreement with Alta Resources Development, LLC (Alta), pursuant to which EQT will acquire all of the membership interests in Alta s upstream and midstream subsidiaries for approximately $2.925 billion, subject to customary closing adjustments. The transaction is expected to close in the third quarter of 2021, with an effective date of January 1, 2021.
Transaction Highlights:
Projected annual free cash flow
(1) of $300-$400 million
US gas producer EQT buys rival Alta for $2.9bn
May 6, 2021 12:50:pm
Summary
by: Daniel Graeber
Pittsburgh-based EQT, the largest US natural gas producer, said May 6 it would buy shale rival Alta Resources and its upstream and midstream assets for $2..
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EQT Corp, the largest U.S. natural gas producer, said on Thursday it will buy Blackstone-backed Appalachian basin rival Alta Resources for $2.93 billion in cash and stock, making an entry in the Northeast Marcellus shale play.
Dealmaking in the oil and gas space has been heating up as crude prices have jumped on a vaccine-led recovery in travel demand. Natural gas, in particular, hit record highs earlier in February when a winter storm swept parts of the United States.
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