EQT Says No Big M-U Drillers Left to Buy After Tug Hill Deal

Last week EQT Corporation confirmed it is buying Tug Hill’s THQ Appalachia operation with major assets in West Virginia for $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). THQ Appalachia is a joint venture between privately-held Tug Hill and private equity firm Quantum Energy Partners. Tug Hill was, according to EQT upper management, probably the last big M&A deal that will happen in the Marcellus/Utica. Why? The region has run out of large private drilling companies that could be purchased by deep-pocketed public companies like EQT.

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