Deal insight

EQT buys Marcellus assets in bankruptcy auction for US$527 million

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Report summary

EQT Corporation is buying 53 400 core Marcellus net acres from Stone Energy for US$527 million. We value this deal slightly higher than the deal consideration. The acquired position falls in EQT's core development area where EQT has been aggressively drilling wells to increase production. 2016 was the company's seventh straight year of more than 25% sales volume growth and this newly acquired position will allow it to continue on that trend. EQT has been vocal about its intent to increase value to shareholders through two themes: consolidation and innovation. In 2016 the company acquired 145 500 net Marcellus acres in its core development area allowing it to extend the average lateral length of horizontals by 600 feet. This move led to a reserves increase of 5.3 tcfe and improved well economics.

What's included

This report contains

  • Document

    EQT buys Marcellus assets in bankruptcy auction for US$527 million

    PDF 5.72 MB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

Images

  • EQT's recently acquired acreage

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3

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