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One-Page Deal Sheet

EQT Acquires Chevron's Appalachia Assets For $735 Million

Not Disclosed Not Disclosed
AnnouncedOct 27, 2020
TypeProperty
LocationMarcellus Shale
Announced Date
October 27,2020
Effective Date
July 01,2020
Close Date
November 30,2020
Transaction Type
Property
Enterprise Value (EV)($MM)
735




Snapshot
Asset/Basin:
["Marcellus Shale"]
TargetZones:
["Marcellus Shale"]
Net Acres
335,000
Source Documents:
   Source Link
   Source Link
Location
Region
Northeast - Appalachia

Country
United States

State
Pennsylvania

County
Fayette ,Greene

Play
Marcellus Shale


Production
Production
450 MMcf/d

Production Mix
75 % Gas


Calculated Metrics( EV/Category)
$/ Flowing
1,633,333

$/ Acre
2,194

Production ($/Mcfe/d)
1,633

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)

Northeast - Appalachia Deal Activity In Last 12 Months


Other Northeast - Appalachia Region's Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Feb-02-2026 - - Click here Texas  E&P
Jan-08-2026 - - Click here West Virginia  E&P
Dec-08-2025 - - Click here West Virginia  E&P
Dec-08-2025 - - Click here Ohio  E&P
May-30-2025 - - Click here Ohio  E&P

Price History


Date Deal Headline Price$/acre
Feb-02-2026 Devon Acquires Coterra Energy; Bulk Up on Permian, Adds Gas Bank - -
Dec-08-2025 Antero Resources Acquires HG Energy II for $3.9B - -
Apr-22-2025 EQT Acquires Olympus Energy Assets For $1.8 Billion - -