PITTSBURGH, May 26, 2020 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced that it has closed a transaction to sell certain non-strategic assets and implemented a strategic volume curtailment program. Asset Sale: EQT has closed a transaction to sell certain non-strategic assets located in Pennsylvania and West Virginia to Diversified Gas and Oil PLC, for an aggregate purchase price of $125 million in cash, subject to customary closing adjustments. The transaction includes potential contingent consideration of up to an additional $20 million, payable based on certain future commodity price targets. Additionally, the transaction relieves EQT of approximately $47 million in asset retirement obligations and other liabilities associated with the assets. Proceeds from the sale have been used to pay down EQT's term loan due 2021.Learn More
EQT Corporation is the largest producer of natural gas in the United States.
At EQT, our business is about more than just the innovative production of energy resources; it’s also about being a good neighbor. Just like the friends and neighbors in your community, we strive for a cooperative and mutually beneficial relationship with our customers, our partners, and residents in the regions where we do business.
Always doing the right thing.
Doing what you say you will do.
Working together toward a common goal.
Sharing, respecting and embracing diversity of thought.
Respecting the wrench.
Caring about what you do (actions).
Caring about the relationships you form (impact).
Bringing passion and drive to be the best at what you do (attitude).
Driving to get better every day.
Understanding your environment to prioritize any needed adaption.
Being transparent (which enables collaboration that triggers innovation and leads to evolution).
EQT strives to work with and give back to the communities in which we live and operate. We have a renewed commitment to our stakeholders to create long-term value and become their operator of choice. We understand that our ability to operate is rooted in our relationships with communities, especially when it comes to safety and other concerns, and through these engagements, we develop strong relationships that benefit both EQT and our communities.