Quantum Energy Partners to become core EQT shareholder with $5.2B deal
Friday, September 9, 2022
EQT Corp. recently announced it will acquire oil and gas producer Tug Hill and pipeline company XcL Midstream in a $5.2-billion deal, according to Natural Gas Intelligence.
The companies being acquired are backed by funds managed by private equity firm Quantum Energy Partners, whose founder and CEO, Wil VanLoh, will join EQT’s board of directors after the close of the transaction.
EQT expects the deal to be close in the fourth quarter of this year. The acquisitions will add 800 MMcfe/d of production and 95 miles of midstream gathering systems connected to interstate pipelines in the region.
Learn more: Natural Gas Intelligence > Quantum Energy Partners to Take Major Position in EQT After $5.2B Transaction
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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.