EQT Expands Appalachian Footprint With Alta Acquisition

Journal of Petroleum Technology 

The largest natural gas producer in the US, EQT Corporation, will purchase Alta Resources Development LLC in a cash and stock deal valued at around $2.93 billion. Alta is a private-equity-backed producer led by Blackstone Group. EQT said it will pay $1 billion to Alta in cash and the rest in stock. It expects to fund the cash portion partly by drawing on its credit facilities and new debt. The deal will add around 1 billion cubic feet equivalent gas production to EQT's portfolio and is expected to be accretive to free cash flow and net asset value per share, according to the company.

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