EQT Corp Close To Buying THQ Appalachia: Report

  • U.S.-based natural gas producer EQT Corporation (NYSE: EQT) is in advanced talks to purchase exploration and production company THQ Appalachia I (THQA) for approximately $4 billion, including debt, reported Reuters, citing people familiar with the matter.

  • Backed by Tug Hill Operating and Quantum Energy Partners, THQ Appalachia I focuses on assets in the Marcellus, Utica/Point Pleasant, and Upper Devonian plays in West Virginia.

  • THQ Appalachia, with a significant leasehold position in the core of the Marshall and Wetzel counties in West Virginia, has a net production capacity of approximately 760 million cubic feet per day.

  • Bloomberg reported that a potential transaction involving the sale of THQ Appalachia I and some midstream assets could be valued at nearly $5.2 billion. The transaction will include Tug Hill’s XcL Midstream, a pipeline firm that moves gas in Appalachia to market.

  • The sources said that after successful negotiations, EQT is expected to sign an agreement with THQ Appalachia’s owners as early as this week.

  • The talks, however, could still end without signing an agreement between the parties, reported Bloomberg News.

  • Price Action: EQT stock is up 0.44% at $47.49 during the premarket session on the last check Tuesday.

  • Photo by Anita Starzycka via Pixabay

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