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EQT Corp. Making Moves to Buy Rival CNX Resources
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EQT Corp. is pursuing avenues to acquire its Appalachia-focused rival CNX Resources, according to a report by Bloomberg.
Citing two people familiar with the matter, the report states that a takeover offer was submitted by EQT to CNX "recently", but no further details were given.
This echoes several other recent merger deals that were struck between large E&Ps and smaller rival firms, such as ConocoPhillips / Concho and Pioneer / Parsley, among others.
CNX Assets- Acreage: 1,127,600 net acres total
Marcellus: 519,300 net acres Utica: 608,300 net acres- Drilling Locations: 767 locations
Marcellus: 328 locationsUtica: 439 locations
- Production (as of Q2 2020): 1,258.3 Mmcfe/d (100% gas)
- Proved Reserves: 8.43 Tcfe (100% gas)
Pro-Forma EQT+CNX Acreage MapCNX Acreage Only CN…
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