EQT to acquire Marcellus Shale gas producer for $1.8 billion in latest expansion move
Olympus Energy produces 500 million cubic feet of gas daily.
Acquisition includes wells, acreage and midstream assets of Olympus Energy.
EQT Corp. announced Tuesday it would acquire the upstream and midstream assets of Canonsburg-based natural gas driller Olympus Energy in a stock and cash deal worth $1.8 billion.
Olympus Energy is a privately held company formerly known as Huntley & Huntley Energy Exploration. It became Olympus Energy in 2019. It's owned by Blackstone, a big private equity firm, and has about 500 million cubic feet of natural gas production per day from wells in and around Allegheny County.
The deal announced by EQT (NYSE: EQT), one of the largest independent natural gas producers, includes $500 million in cash and 26 million shares of EQT common stock. The acquisition includes its wells, acreage and midstream assets. It will close in the third quarter.
It's the latest acquisition by EQT, which has expanded under CEO Toby Z. Rice to also include, through other acquisitions, Chevron's Appalachia assets, Tug Hill Operating and its midstream assets, and Alta Resources in northeastern Pennsylvania. It follows EQT's acquisition of Equitrans Midstream Corp. (NYSE: ETRN) in an all-stock deal in 2024 and the November 2024 joint venture with Blackstone Credit & Insurance for a midstream joint venture that includes the Mountain Valley Pipeline it acquired earlier in the year in the Equitrans deal.
EQT will grow larger still, in wells and also future sites to drill, with Olympus. It said Olympus has 10 years of Marcellus and seven years of Utica locations beyond its current drilling.
'The assets are positioned adjacent to several proposal power generation projects, providing strategic value upside,' Rice said in a statement.
List of Largest Shale Gas Producers in Southwestern Pennsylvania
Shale gas production, local, 2023
Rank Prior Rank Business name
1
1
EQT Corp.
2
2
Range Resources Corp.
3
3
CNX Resources Corp. View this list
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