EQT Corp.’s recent $5.2 billion acquisition could be one of the last big deals in the Marcellus and Utica shales as buyers eyeing the Appalachian Basin are running out of the kind of sellers they like, according to S&P Global Market Intelligence.

EQT’s purchase of Tug Hill Operating LLC’s West Virginia wet gas position was the type of transaction that attracts investors — a bolt-on acquisition of a large, privately backed driller that is already producing and selling oil and natural gas, which makes an immediate impact on revenues and income. Proximity to the buyer’s own leasehold is another characteristic investors like.

However, Appalachia is running out of drillers with operations that fit the requirements buyers are looking for, meaning deals are likely to be few and far between.

Learn more: S&P Global Market Intelligence > Buyers may be running out of sellers in Appalachia’s shales