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  • EQT Announces Non-Operated Asset Transaction with Equinor
    édité le 16/04/2024 - Plus de news de "EQT" - Voir la fiche entreprise de "EQT"


EQT Announces Non-Operated Asset Transaction with Equinor
EQT Corporation (EQT) announced it has entered into an agreement with Equinor USA Onshore Properties Inc. and their affiliates to sell an undivided 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 $500 million of cash and upstream and midstream assets as described below. Based on recent strip pricing, EQT forecasts aggregate 2025 free cash flow(1) of approximately $75 million from the non-cash consideration.

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

QT President and CEO Toby Z. Rice stated, "This transaction marks an extremely positive start to our divestiture program, bringing in over $1.1 billion of value, including synergies and development plan optimization, for 40% of our non-operated assets, while retaining gas price upside. We plan to opportunistically divest the remaining portion of our non-operated assets in Northeast Pennsylvania and have tremendous confidence in being able to achieve our de-leveraging goals."

The transaction is subject to customary closing adjustments, required regulatory approvals and clearances, and is expected to close in late second quarter of 2024. EQT expects no cash tax leakage associated with the transaction.

Advisors

Jefferies LLC acted as lead financial advisor and TD Securities acted as a financial advisor to EQT. Kirkland & Ellis LLP is serving as EQT's legal counsel on the transaction.

(1) A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

About EQT Corporation

EQT Corporation (NYSE: EQT) is a leading independent natural gas production company with operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.

About Equinor

Equinor (OSE:EQNR, NYSE:EQNR), is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.


Origine : Communiqué EQT

Voir la fiche entreprise de "EQT"



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