Analysts: EQT’s Monster $5.8 Billion Deal a Cash Cow
Hart Energy: In the largest deal of the year, EQT Corp.’s $5.2 billion splurge on Appalachian...
Hart Energy: In the largest deal of the year, EQT Corp.’s $5.2 billion splurge on Appalachian Basin upstream and midstream assets will result in more free cash flow, lower operating costs, and an increased debt reduction—all while doubling shareholder buybacks.
On Sept. 6, EQT Corp. entered into a purchase agreement to acquire THQ Appalachia I LLC (Tug Hill)’s upstream assets and THQ-XcL Holdings I LLC (XcL Midstream)’s gathering and processing assets. Both private companies are backed by private-equity provider Quantum Energy Partners.
The Appalachian bolt-on adds 800 MMcfe/d to EQT’s current operations. The company will gain approximately 90,000 core net acres offsetting its existing West Virginia core leasehold, with a 96% operated working interest and 83% net revenue interest.
Researchers rely on archival data in search for old wells
Researchers Natalie Pekney and Jim Sams are looking at historical documents such as old photos, drawings,...
Researchers Natalie Pekney and Jim Sams are looking at historical documents such as old photos, drawings, and illustrations and seeking tips from the public to build reliable maps to guide their search for undocumented oil and natural gas wells. Mapping "increases confidence that if I walk to the coordinates that I have here, I can find a well," says Pekney, an engineer with the US National Energy Technology Laboratory.
Goldman Sachs to lay off hundreds. The bank plans to reinstate annual employee ...
Goldman Sachs to lay off hundreds. The bank plans to reinstate annual employee culls, which it had suspended during the pandemic, and may start cutting jobs as soon as next week. Typically, Goldman targets between 1% and 5% of its workforce for layoffs each year, and this round is expected to be at the lower end of the spectrum (current headcount: 47,000). The expected layoffs come after Goldman’s profits fell by nearly half in the second quarter compared to the year before as deal-making slowed.
Crestwood to Divest Marcellus Assets in $205 Million Deal with Antero
Crestwood Equity Partners LP agreed to sell its Marcellus assets...
Crestwood Equity Partners LP agreed to sell its Marcellus assets to Antero Midstream Corp. on Sept. 12 for $205 million in cash, marking another sale of noncore assets by the Houston-based company.
Over the past 18 months, Crestwood has strategically enhanced its asset portfolio to build competitive scale in the Williston, Delaware and Power River basins. The strategy included acquisitions of Oasis Midstream Partners, Sendero Midstream and Crestwood Permian Basin Holdings LLC (CPJV), which was a 50:50 joint venture between Crestwood and First Reserve.
Benchmark U.S. crude oil for October delivery rose 99 cents to $87.78 a barrel Monday. Brent crude for November delivery rose $1.16 to $94 a barrel. Wholesale gasoline for October delivery rose 1 cent to $2.44 a gallon. October heating oilrose 2 cents to $3.60 a gallon. October natural gasrose 25 cents to $8.25 per 1,000 cubic feet.
