EQT Completed Acquisition of Equitrans Midstream

SEATTLE (Oil Monster):Leading U.S. natural gas producer EQT announced that it has completed the acquisition of Equitrans Midstream. The deal was first announced in March this year.

Further to the merger, the combined entity is valued at around $35 billion. EQT shareholders will hold 74% of the combined entity, whereas the remaining 26% will be held by Equitrans shareholders.

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The combined company is estimated to have 27.6tcf equivalent of proved reserves and over 2,000 miles of pipeline infrastructure. It will have net production capacity of 6.3bcf equivalent per day. The synergies resulting from the transaction could significantly enhance EQT’s financial resilience. Moreover, the integration of the acquired assets will significantly boost the economics of EQT’s drilling portfolio.

Commenting on the transaction, Toby Rice, president and CEO, EQT said that the company is excited to complete the highly strategic transaction ahead of the original timeline. Furthermore, he welcomed all Equitrans employees and shareholders to EQT.

EQT’s integration team will now work towards efficiently combine the two organisations, which will leave the company in a tremendously advantaged position to compete with global natural gas majors, Rice added.