Bidenistas at FTC Clear EQT to Complete Buyout of Tug Hill & XcL

Last September, EQT Corporation announced it was buying privately-owned Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). However, the Bidenistas at the Federal Trade Commission (FTC) got involved slowing down the deal. Because of the FTC dragging its feet, EQT and Tug Hill renegotiated the timeline adding a full year--to the end of 2023 (see EQT $5.2B Deal to Buy Tug Hill Extended Additional Year to Close). Good news: After delaying the deal by nearly a year, the Bidenistas at the FTC have given their blessing on the deal. The deal is expected to close within seven days.

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