Biggest U.S. Gas Producer Seeks More M&A After Chevron Deal
- There’s ‘industrial logic’ in another potential merger: CEO
- Toby Rice says industry consolidation to drive value creation
Photographer: Ty Wright/Bloomberg
This article is for subscribers only.
EQT Corp. indicated it’s not done yet with driving consolidation in the fragmented Appalachian natural gas industry, two weeks after agreeing to buy Chevron Corp.’s assets in the region for $735 million.
The U.S.’s largest gas producer is no longer in growth mode and acquisitions are a way to gain economies of scale and help it return capital to shareholders, according to EQT Chief Executive Officer Toby Rice. He added that there’s “certainly industrial logic” in a potential merger with CNX Resources Corp. and other peers in the sector, while declining to comment on any specific potential deal.