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EQT Reports Second Quarter 2021 Results
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EQT Reports Second Quarter 2021 Results
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Energy News Monitor | Volume XVII; Issue 51
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EQT Announces Transformative Transaction With Alta Resources
Highly Economic Assets in the Core of the Northeast Marcellus
Pittsburgh, PA /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
Projected annual adjusted EBITDA
Purchase price implies an ~18% unlevered free cash flow yield
EQT to acquire Alta Resources’ assets for $2.95bn
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16 hours ago
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EQT Corporation has agreed to acquire Alta Resources Development’s shale gas assets in the US in a cash and stock deal valued at $2.95bn.
EQT will purchase Alta’s membership interests in upstream and midstream subsidiaries, as well as 300,000 acres in the Marcellus Shale.
EQT expects the transaction to add about one billion cubic feet per day equivalent of gas production while its annual free cash flow by $400m.
Under the terms of the deal, EQT will make $1bn cash payment to Alta Resources. It will also make committed financing and equity from its unsecured credit facility.