Sources: EQT Offering $750M for Chevron’s Marcellus/Utica Assets
Last December Chevron announced it was writing down over $10 billion worth of its U.S. onshore shale assets, with $6.5 billion of that number coming from its Marcellus/Utica assets. Also in December, the company posted for sale ALL of their M-U assets (see Chevron Confirms M-U Assets for Sale, Asks Vendors to Avoid Media). In February Chevron hired investment bank Barclays to help shop their M-U assets with the bids due in August (see Bids for Chevron’s 550K M-U Acres & 500 Wells Due in Mid-August). “Sources” talking to Reuters have let it leak that EQT has offered $750 million for Chevron’s $6.5 billion worth of assets.
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What started out as a spat between two companies that used to be one and the same, EQT and Equitrans, has quickly turned into open warfare that’s heading for court. We’re talking about the flap over whether or not EQT has the right to buy out Equitrans’ Hammerhead pipeline, and turn around and sell it, as EQT is now trying to do (see 
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