EQT trying to acquire rival CNX
Wednesday, October 28, 2020
EQT Corp. wants to acquire rival CNX Resources Corp., according to Kallanish Energy. If realized, the deal would make EQT, which is already the No. 1 natural gas producer in the United States, even bigger.
The company recently sent a takeover proposal to CNX; however, no decision has been reached and EQT could decide not to move forward, Bloomberg said in a report, citing unnamed sources.
Both companies declined comment on the report.
EQT produced about 4 billion cubic of natural gas per day in the first quarter 2020, 44% more than No. 2 ExxonMobil. CNX produced about 1.38 billion a day in that quarter.
Learn more: Kallanish Energy > EQT to acquire CNX: Bloomberg
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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.