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EQT to Buy Chevron Appalachian Shale Gas Assets for $735 Million

  • EQT may fund acquisition with cash, credit drawings, equity
  • Deal expands takeover activity among U.S. shale explorers
     
Photographer: Matthew Busch/Bloomberg
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EQT Corp. agreed to buy Chevron Corp.’s Appalachian shale assets for $735 million as the biggest producer of U.S. natural gas takes advantage of an industry slump to expand.

The transaction is expected to close by the end of the year, EQT said in a statement on Tuesday. Chevron has been trying to unload its Appalachian gas holdings since late 2019, when it recorded an $11 billion writedown for that asset and others amid a swelling domestic gas glut and cratering prices for the furnace and power-plant fuel.