EQT deals assets to Equinor
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April 17, 2024
Natural gas fields in Northeast Pennsylvania
EQT is selling some non-operating assets in Pennsylvania to Equinor.
The deal includes 40% interest in its non-operated natural gas assets in Northeast Pennsylvania, representing approximately 225 MMcf/d of forecasted 2025 net production. Consideration for the transaction is comprised of US$500 million of cash and upstream and midstream assets.
The assets EQT is receiving in the transaction consist of:
- ~26,000 net acres in Monroe County, Ohio with 2025E net production of ~135 MMcfe/d directly offsetting EQT-operated acreage
- ~10,000 net acres in Lycoming County, Pennsylvania with 2025E net production of ~15 MMcfe/d in existing EQT-operated assets
- The remaining 16.25% ownership in EQT-operated gathering systems servicing core operated acreage in Lycoming County, Pennsylvania
- A gas buy-back agreement whereby Equinor will purchase gas from EQT at a premium to in-basin pricing through the first quarter of 2028
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Saulters was named GPA Midstream’s Vice President of Federal Affairs, effective October 2024. In this role, Saulters will lead the association’s federal advocacy efforts, working closely with government agencies, lawmakers, and GPA Midstream members.
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