EQT’s pending deal to buy Alta Resources is the biggest asset deal of the year
Monday, August 2, 2021
EQT Corp.’s pending acquisition of Alta Resources’ Marcellus Shale assets will be the largest asset deal in the oil and gas industry so far this year at $2.9 billion, according to Pittsburgh Business Times.
A new report released by S&P Global Market Intelligence, EQT’s deal to purchase Alta Resources’ acreage in northeastern Pennsylvania will edge out the $2.5 billion sale by BP Exploration Ltd. of its Block 61 assets in Oman. Furthermore, it was the largest of only a few upstream asset sales in the United States with the next-nearest being Equinor Energy’s $900 million sale of a Bakken oil field to Grayson Mill Energy.
Other large transactions in the Marcellus Shale this year, include the Cabot Oil & Gas Corp./Cimarex merger announced May 24 with a transaction value of $9 billion as well as Southwestern Energy’s $3 billion deal to acquire Indigo Natural Resources that was announced June 2.
Learn more: Pittsburgh Business Times > EQT’s pending $2.9B purchase the biggest shale asset deal of the year
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
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.