Deals
EQT to Buy Statoil Gas Assets in U.S. East for $407 Million
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U.S. energy explorer EQT Corp. is buying $407 million worth of acreage and natural gas production from Statoil ASA, becoming the latest driller to take advantage of historically low gas prices by buying land in shale plays on the cheap.
The assets are primarily in Wetzel, Tyler, and Harrison counties, West Virginia, adding a “sizeable amount of acreage” to EQT’s core area, the company said in a statement Monday. The acquisition, expected to close in July, includes existing gas output in the Marcellus formation of the eastern U.S.