EQT to buy Alta Resources’ Marcellus shale assets for $2.9B
Monday, May 10, 2021
The largest natural gas producer in the U.S. has agreed to acquire more Appalachian assets in a $2.9 billion deal with Alta Resources Development LLC, according to Bloomberg.
EQT Corp. will acquire Alta’s interests in upstream and midstream businesses and add 300,000 acres in the Marcellus Shale. The deal comes six months after EQT agreed to purchase Chevron Corp’s Appalachian assets for $735 million.
The transaction is expected to close in the third quarter. It will add about 1 billion cubic feet per day equivalent of natural gas production and boost EQT’s free cash flow by as much as $400 million.
Learn more: Bloomberg > EQT to Buy Appalachia Shale Gas Assets for $2.9 Billion
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.