EQT completed the acquisition of the upstream assets of Tug Hill and the gathering and processing assets of XcL Midstream for $5.2bn.

EQT, an integrated energy company, completed the acquisition of the upstream assets of Tug Hill, an operator of an oil and gas exploration company, and the gathering and processing assets of XcL Midstream, a developer and operator of natural gas assets, for $5.2bn. Tug Hill and XcL Midstream are backed by Quantum Energy Partners. "We are excited to complete this strategic transaction and welcome the Tug Hill and XcL Midstream teams to EQT. These assets have among the lowest breakeven prices in Appalachia, and should reduce our pro forma NYMEX free cash flow breakeven price by approximately $0.15 per MMBtu, providing greater resiliency to our business moving forward. We also see the potential for more than $80m per year of synergies, which could drive additional reductions to our corporate cost structure over time," Toby Z. Rice, EQT President and CEO.