EQT, Chesapeake show interest in Alta Resources
Wednesday, March 31, 2021
EQT Corp. and Chesapeake Energy Corp. are among potential buyers interested in Alta Resources, according to Bloomberg sources.
The interested parties are weighing offers for Alta that could value the company at more than $3 billion. Alta is working with an advisor on a potential sale.
Representatives for the parties didn’t respond to requests for comments from Bloomberg.
Learn more: Bloomberg > EQT, Chesapeake are among suitors for Alta Resources
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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.