EQT to acquire Chevron's upstream and midstream assets for $735m.

EQT, an integrated energy company with emphasis on Appalachian area natural-gas supply, agreed to acquire upstream and midstream assets of Chevron, an integrated energy company with operations in countries located around the world, for $735m. "This acquisition is a natural bolt-on extension of EQT's dominant position in the core of the southwest Marcellus and supplements our already impressive asset base. With the purchase price underpinned by PDP value, the extensive work-in-progress well inventory, core undeveloped acreage and water assets provide material value upside. Our unique knowledge of these assets, coupled with our superior operating model, puts these assets in the right hands to maximize the embedded value," Toby Rice, EQT President and CEO.