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EQT Acquires Chevron's Appalachia Assets For $735 Million

Announced Date
October 27,2020
Deal Value $
Net Acres
Transaction Type
Source Documents:
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Northeast - Appalachia

United States


Fayette ,Greene


450 MMcf/d

Production Mix
75 % Gas

Production ($/Mcfe/d)

$Price/Net Acre

Adj. $/acre is based on production @2,000 Mcfe/d

Transaction Details: 

EQT Corporation said it acquiring Chevron's Appalachia assets for $735 million.  The transaction is expected to close late in the fourth quarter of 2020. EQT intends to finance the acquisition, subject to market conditions and other factors, with cash on hand, drawings under its revolving credit facility and/or one or more capital markets transactions.

Asset Highlights:

  • Current net production of approximately 450 MMcfe per day; 75% gas / 25% liquids
  • Approximately 100 work-in-progress wells
  • Purchase price : $735 million
  • Approximately 125,000 core net Marcellus acres; 335,000 total net Marcellus acres
  • 31% ownership interest in Laurel Mountain Midstream
  • Two water systems and associated infrastructure located in PA and WV

President and CEO Toby Rice stated, "This acquisition is a natural bolt-on extension of EQT's dominant position in the core of the southwest Marcellus and supplements our already impressive asset base. With the purchase price underpinned by PDP value, the extensive work-in-progress well inventory, core undeveloped acreage and water assets provide material value upside.  Our unique knowledge of these assets, coupled with our superior operating model, puts these assets in the right hands to maximize the embedded value."

Rice continued, "The digital work environment and business processes that we have created will allow for the seamless integration of these assets into our existing portfolio, while the favorable financial impacts will benefit both equity and debt holders. This transaction represents another strategic step this team is taking to create value for all stakeholders, while enhancing the durability and sustainability of our business."

Proforma - Map (EQT + Chevron)

Other Northeast - Appalachia Region's Deals

Announced DateBuyerSellerDeal Value($mm)LocationCategory
Sep-08-2022 - - Click here West Virginia  E&P
Sep-06-2022 - - Click here   E&P
Jun-21-2022 - - Click here   E&P
Jan-25-2022 - - Click here Pennsylvania  E&P
Jan-05-2022 - - Click here Pennsylvania  E&P

Price History

Date Deal Headline Price$/acre
Sep-08-2022 EQT to Acquire Appalachia E&P, Midstream Assets for $5.2 Billion in Cash/Stock - -
Sep-06-2022 Sitio Royalties, Brigham to Merge in All-Stock Deal Worth $4.8 Billion - -
Jan-25-2022 Chesapeake Acquires Marcellus-Focused Chief E&D Holdings for $2.6B - -

Other Chevron Corp Deals

Announced DateBuyerSellerDeal Value($mm)LocationCategory
May-25-2022 - - Click here   E&P
Dec-30-2021 - - Click here Texas  E&P
Jul-20-2020 - - Click here Colorado  E&P
Dec-18-2019 - - Click here   E&P
Oct-01-2018 - - Click here   E&P

Other EQT Corp Deals

Announced DateBuyerSellerDeal Value($mm)LocationCategory
Sep-08-2022 - - Click here West Virginia  E&P
May-06-2021 - - Click here Pennsylvania  E&P
May-14-2020 - - Click here Pennsylvania  E&P
Jun-14-2018 - - Click here Kentucky  E&P
Apr-26-2018 - - Click here Texas  E&P