Yesterday MDN brought you the news that EQT Corporation is buying the West Virginia assets of Tug Hill Operating–the company’s THQ Appalachia operation–for $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). The deal adds roughly 90,000 leased acres (mainly in Marshall and Wetzel counties) to EQT’s massive existing footprint. It also adds an extra 800 million cubic feet per day (MMcf/d) of production to EQT’s current 5.5 billion cubic feet per day (Bcf/d). EQT CEO Toby Rice went on the record with the Pittsburgh Business Times to share his reasoning and thoughts behind the Tug Hill acquisition. Rice pulled back the curtain, giving a behind-the-scenes look at how deals like this come together. One of the big motivations for Rice is that he loves loves loves Marshall County, WV.
