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  • EQT Announces Transformative Transaction with Alta Resources
    édité le 06/05/2021 - Plus de news de "EQT" - Voir la fiche entreprise de "EQT"

EQT Announces Transformative Transaction with Alta Resources
EQT Corporation announced that it has entered into a purchase agreement with Alta Resources Development, LLC (Alta), pursuant to which EQT will acquire all of the membership interests in Alta's upstream and midstream subsidiaries for approximately $2.925 billion, subject to customary closing adjustments. The transaction is expected to close in the third quarter of 2021, with an effective date of January 1, 2021.

Transaction Highlights:

  - Attractive valuation with high-margin and robust free cash flow generation
    . Projected annual free cash flow(1) of $300-$400 million
    . Projected annual adjusted EBITDA(1) of $550-$600 million
    . Purchase price implies an ~18% unlevered free cash flow yield(1)

  - Low leverage acquisition accelerates EQT's path back to investment grade metrics
    . Immediately reduces leverage(2); improving 0.3x by year-end 2022
    . Establishes a leverage(2) profile comfortably below 2.0x target

  - Accretive to free cash flow per share
    . Projected to increase free cash flow(1) by 55%, or $2.0 billion, through 2026
    . Free cash flow per share(1) improves by more than 15% through 2026

  - Adds highly prolific inventory with superior well economics in the core of the Northeast Marcellus
    . Integrated midstream assets and mineral ownership drive high margin operated development
    . Direct exposure to the geologic core through non-operated position

President and CEO Toby Rice stated, "Today marks another major milestone for EQT as we continue on our path to becoming the operator of choice for all of our stakeholders. The acquisition of Alta's assets represents an attractive entry into the Northeast Marcellus while accelerating our deleveraging path, providing attractive free cash flow per share accretion for our shareholders and adding highly economic inventory to EQT's already robust portfolio. In addition to increasing our long-term optionality, we believe this transaction accelerates both our path back to investment grade metrics and our shareholder return initiatives. We look forward to applying our differentiated modern operating model to maximize the prolific value embedded in these premier assets."

About EQT Corporation

EQT Corporation (NYSE: EQT) is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales 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 Alta Resources

Alta Resources, LLC is a private company headquartered in downtown Houston. Founded in 1999, Alta has been a leader in the exploration for and development of shale oil and gas assets from the Fayetteville Shale in Arkansas and the Marcellus Shale in Pennsylvania to the liquids-rich Duvernay Shale play in the Kaybob area of Alberta, Canada. George P. Mitchell, who is widely regarded as the father of shale gas for his pioneering role in developing the Barnett Shale in Texas, was a longtime partner with Alta prior to his passing.

Origine : Communiqué EQT

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