by Bloomberg
|Thursday, May 06, 2021
EQT s CEO said the deal marks an attractive entry into the Northeast Marcellus.
(Bloomberg) EQT Corp., the largest U.S. natural gas producer, agreed to acquire assets in Appalachia for $2.9 billion in cash and stock from closely held Alta Resources Development LLC. Shares fell the most in more than a year.
The deal will give EQT Alta’s interests in upstream and midstream businesses and add 300,000 acres in the Marcellus Shale, the company said Thursday in a statement. The transaction, expected to close in the third quarter, will add about 1 billion cubic feet per day equivalent of gas production and boost EQT’s annual free cash flow by as much as $400 million.
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10 Feb, 2021 Author Bill Holland
After months of layoffs and reorganization in court, shale oil and gas producer Chesapeake Energy Corp. caught a ray of sunshine Feb. 10 as its new shares gained 5% on their first day of trading while the trimmed down company emerged from Chapter 11 bankruptcy with $7.8 billion less debt and a renewed focus on its shale gas roots.
A pioneer of the shale revolution in the U.S., Chesapeake borrowed and spent billions leasing and developing acreage in shale plays from Appalachia to Wyoming before the March 2020 collapse in oil prices pushed it into bankruptcy.