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EQT is floating $1 billion worth of "senior notes" (what we call IOUs) to help pay the cash portion of a deal to buy Alta Resources for $2.9 billion (see EQT Buys Alta Res. PA Assets for $2.9B in “Transformative” Deal). The Alta deal, with most of its acreage and wells located in the northeastern PA corridor, will add an extra 1 billion cubic feet per day (Bcf/d) to EQT's existing production of 4.9 Bcf/d. It makes EQT, already the country's #1 natural gas producer, even more massive. The question is, why buy Alta and not some other company?
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