One-Page Deal Sheet
EQT to Acquire Appalachia E&P, Midstream Assets for $5.2 Billion in Cash/Stock
EQT Corp Tug Hill Operating, Xcl Midstream
Announced Date
September 08,2022
Transaction Type
Property
Net Acres
Location
Calculated Metrics( EV/Category)
Region
Northeast - Appalachia
Country
United States
State
West Virginia
County
Greene ,Ohio ,Marshall ,Wetzel ,Tyler ,Pleasants ,Monroe ,Harrison ,Marion ,Monongalia
Play
Production Production
Production Mix
Calculated Metrics( EV/Category)
Production ($/Mcfe/d)
Transaction Details: Require Private Equity Subscription
EQT Corp. has entered into a purchase agreement with THQ Appalachia I LLC and THQ-XcL Holdings I LLC whereby to which EQT has agreed to acquire Tug Hill's upstream assets and XcL Midstream's gathering and processing assets, for total consideration of $5.2 billion.
Tug Hill and XcL Midstream are backed by equity commitments from funds managed by Quantum Energy Partners.
The transaction is expected to close in the fourth quarter of 2022, with an effective date of July 1, 2022. Subject to the transaction close and EQT's regular board approval process, Wil VanLoh, Founder and CEO of Quantum…
Northeast - Appalachia Deal Activity In Last 12 Months
| Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
|---|---|---|---|---|---|
| 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 |
| 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 | - |
- |