EQT Sells Remaining Nonop Assets in NE Pa. for $1.25 Billion
As part of its third quarter update, EQT Corporation, now the second-largest natural gas producer in the U.S., dropped the bombshell that it has completely divested from the remaining non-operated wells it owns in northeastern Pennsylvania, selling the assets to Norwegian company Equinor (formerly known as Statoil) for $1.25 billion. You may recall in April, EQT did a deal with Equinor to swap land in Pennsylvania and Ohio, plus receiving $500 million from Equinor to sweeten the pot (see Equinor Swaps Acreage with EQT in PA & OH, Exits Operated US Shale). Yesterday’s deal is for the remainder of the wells where EQT doesn’t own the full rights but only a portion of them and doesn’t run the operations. The wells are majority-owned and operated by Expand Energy, the successor to Chesapeake Energy, following the merger of Chesapeake with Southwestern Energy. Read More “EQT Sells Remaining Nonop Assets in NE Pa. for $1.25 Billion”