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Baker Botts Represents EQT Corporation in its Acquisition of Approximately 60,000 Marcellus Acres for $683 Million in Three Transactions

News Release
Deal Description: October 25, 2016 – EQT Corporation (NYSE: EQT), today, announced that it has signed three definitive agreements, in related transactions, to acquire additional core Marcellus acreage, consisting of approximately 42,600 net acres and current natural gas production of approximately 42 MMcfe per day from Trans Energy, Inc. (Trans Energy) and entities affiliated with Republic Energy (Republic) for an aggregate purchase price of $513 million; and approximately 17,000 net acres and current natural gas production of approximately 2 MMcfe per day from a third-party for $170 million. The transactions are expected to close by year-end 2016. EQT will finance the acquisitions with cash-on-hand. 

Combined, these acquisitions add a sizeable amount of acreage to EQT’s core development area and complement EQT’s operations in West Virginia and Pennsylvania. Much of this acreage is contiguous with EQT’s existing acreage; therefore, lateral lengths can now be extended from 2,750 feet to 6,000 feet, on average, for roughly 190 existing EQT locations – delivering operational synergies that will reduce overall costs and deliver stronger well economics. 

Baker Botts is representing EQT Corporation in each of the three acquisitions. 

Baker Botts Lawyers/Office Involved: 

Trans Energy Matter: Mike Bengtson (Corporate Partner, Austin); Jim Marshall (Corporate Partner, Houston); John Kaercher (Corporate Senior Associate, Austin); Robert Goodin (Corporate Associate, Austin); Justine Robinson (Corporate Associate, Houston); Michael Bresson  (Tax Partner, Houston) 
Republic Energy Matter: Mike Bengtson (Corporate Partner, Austin); Coleson Bruce (Global Projects Senior Associate, Austin); Robert Goodin (Corporate Associate, Austin); James Chenoweth  (Tax Partner, Houston) 
Confidential Third Party Matter: Mike Bengtson (Corporate Partner, Austin); Jeremy Kennedy (Global Projects Partner, Houston); John Craven (Global Projects Associate, Houston); James Chenoweth (Tax Partner, Houston); Aileen Hooks (Environmental Partner, Austin)

For more information, please see EQT’s news release by clicking here

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