EQT, Diversified Lose Court Case re Value of Assets in Va. County

MDN exclusively brought you the news, in June 2018, that Diversified Gas & Oil (now renamed to Diversified Energy) had purchased EQT’s Huron Shale assets in Kentucky, Virginia, and West Virginia for $575 million (see Diversified Gas & Oil Adds to Conventional Assets in KY, VA, WV). The deal included nearly 12,000 wells with 200 million cubic feet per day (MMcf/d) of natural gas production. It also included 2.5 million acres of leases and some 6,400 miles of gathering pipelines. Of the assets involved in the sale, 578 gas wells, 187.7 miles of pipes, and 14 compressors were located in Wise County, Virginia. The Wise County assets and how they were/are valued for tax purposes are the focus of this post.

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