In what could be a stunning one-two punch, Pittsburgh-based natural gas giant EQT looks to score two big prizes that would mark CEO Toby Rice’s first deals since being named to his post in July last year. The 38-year-old Rice already presides over the largest supplier of natural gas in the nation. With more than 1 million gross acres in the Marcellus and Utica, EQT is the undeniable juggernaut in Appalachia producing 4.1 BCFD and holding 15.1 TCF of proved reserves. Reese Energy Consulting today is following the latest news from EQT, which has announced it will acquire Chevron’s upstream and midstream assets in the Appalachian Basin for $735 million. EQT’s first offer was $750 million. The bolt-on deal includes 335,000 net acres in the Marcellus, 100 wells, a 31% interest in Laurel Mountain Midstream, and two water systems. Current net production is 450 MMCFD. But wait, there’s more. EQT also has made a takeover offer for CNX Resources that would make EQT the largest price setter in the region. With a market cap of $2.6 billion, CNX produces 1.38 BCFD. Can’t wait to watch this prize fight.


EQT Corporation is a company engaged in hydrocarbon exploration and pipeline transport. It is headquartered in EQT Plaza in Pittsburgh, Pennsylvania.

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