EQT to buy Appalachian assets from Chevron

EQT Corp. has agreed to acquire Appalachian basin upstream and midstream assets from Chevron USA Inc. for $735 million.

The assets have current net production of about 450 MMcfed (75% gas, 25% liquids) from 125,000 core net Marcellus acres with 335,000 total net Marcellus acres. About 100 wells are work-in-progress. Two water systems and associated infrastructure in Pennsylvania and West Virginia are included, as well as 31% ownership in Laurel Mountain Midstream.

The transaction is expected to close late in this year’s fourth quarter with effective date of July 1.