Talkline with Hoppy Kercheval  Watch |  Listen

EQT buys Rice Energy for $6.7 billion

PITTSBURGH — EQT Corp. announced Monday it will acquire Rice Energy Inc. for $6.7 billion in a deal EQT said will make the company the largest natural gas producer in the United States.

The deal includes acquiring Rice Energy’s core and undeveloped assets, including those at the Marcellus and Utica shale formations.

“This transaction brings together two of the top Marcellus and Utica producers to form a natural gas operating position that will be unmatched in the industry,” said Steve Schlotterbeck, EQT president and chief executive officer. “Rice has built an outstanding company with an acreage footprint that is largely contiguous to our existing acreage, which will provide substantial synergies and make this transaction significantly accretive in the first year.”

After the transaction is complete, EQT’s average sales volume will increase from 1.3 billion cubic feet per day of natural gas to 3.6 billion cubic feet.

EQT has three established offices in West Virginia. Rice Energy operates in Pennsylvania and Ohio, controlling around 176,000 net acres in southwestern Pennsylvania and 59,000 in southeastern Ohio.

The deal is expected to close in the fourth quarter of 2017.





More News

News
MetroNews This Morning 3-29-24
Summary of West Virginia news, sports, and weather for Friday, March 29, 2024
March 29, 2024 - 6:24 am
News
Dunlow Volunteer Fire Department closes
The Dunlow VFD did not have a valid workers compensation insurance policy.
March 29, 2024 - 1:23 am
News
As Yeager Airport's Wildlife Patrol Dog turns 7, a new dog comes in to learn from him
The new Border Collie is getting acclimated and receiving training for his soon-to-be role.
March 28, 2024 - 6:30 pm
News
PEIA examines financial effects of new law meant to ensure local pharmacies get fair reimbursements
Gov. Jim Justice signed Senate Bill 453 into law this week.
March 28, 2024 - 4:11 pm