EQT sells Appalachian Basin assets to Diversified
Friday, May 29, 2020
EQT recently closed on the $125 sale of non-core assets in the Appalachian Basin to Diversified Gas and Oil PLC, according to Kallanish Energy.
The deal includes potential contingent considerations of up to an additional $20 million, based on future commodity prices. It also relieves EQT of about $47 million in asset retirement obligations and other liabilities associated with the assets.
EQT has used proceeds from the sale to pay down its term loan due in 2021.
The Pennsylvania assets included in the sale were 80 Marcellus Shale wells with total current net production of 55 MMcfe per day and 33 miles of gathering lines. The West Virginia assets included in the sale were 809 conventional wells with total net production of about 3 MMcfe per day and 154 miles of gas gathering lines.
Learn more: Kallanish Energy > EQT closes on sale of Appalachian Basin assets
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