EQT to Acquire Rice Energy, Become Largest Gas Producer in U.S.
From the Pittsburgh Post-Gazette:
The largest natural gas basin in the U.S. will be home to the largest natural gas producer when two of southwestern Pennsylvania’s biggest oil and gas drillers become one in a $6.7 billion acquisition.
EQT Corp., a Downtown-based firm, is buying Canonsburg-based Rice Energy Inc. in a deal that will put EQT ahead of ExxonMobil in gas production. It will also draw EQT’s focus even more to Washington and Greene counties, where much of Rice’s acreage zigzags EQT’s.
The deal includes all of Rice’s exploration and production assets, as well as its interest in midstream master limited partnerships, which operate natural gas gathering and compression assets and water pipelines.
It’s not clear yet what will happen to Rice’s 500 full-time employees, although layoffs are expected.Click here to read more.
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