Not even a year into his post as CEO of the nation’s largest natural gas producer, Toby Rice has scored yet another acquisition in the Marcellus. This one he describes as “transformative.” Reese Energy Consulting today is studying the latest purchase by Pa.-based EQT of Alta Resources for nearly $3 billion in cash and stock. Alta in March announced it was seeking a buyer for its Appalachia assets comprised of 300,000 acres, 900 wells across six Pa., counties, 1 BCFD in gas production, 300 miles of gathering pipe, and a 100-mile freshwater system. According to Rice, the deal “checks all the boxes,” giving the company an entry into the Northeast Marcellus and an added boost to its free cash flow and debt reduction strategy. The latest figures put EQT’s Marcellus and Utica footprint at nearly 2 million acres with reserves of nearly 20 TCFD. EQT last October acquired Chevron’s upstream and midstream assets in Appalachia for $735 million and made a later bid for CNX Resources that was not accepted.

EQT Energy

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

www.eqt.com

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