FERC Approves EQT’s Acquisition of Tug Hill and XcL Midstream
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EQT Corporation said the U.S. Federal Trade Commission has resolved its review of EQT’s agreement with THQ Appalachia (Tug Hill) and THQ-XcL Holdings (XcL Midstream) to acquire Tug Hill’s upstream assets and XcL Midstream’s gathering and processing assets pursuant to an agreement containing consent order entered into among the parties to the transactions and the FTC effective as of today.
Tug Hill and XcL Midstream are backed by equity commitments from funds managed by Quantum Energy Partners. The parties have now satisfied the condition relating to the Hart-Scott-Rodino Act of 1976, as amended and the rules and regulations promulgated required to close the transaction.
“We are pleased the FTC has completed its review and we are now able to bring the acquisition of Tug Hill and XcL Midstream to a close. This acquisition will lower EQT’s cost structure, reduce EQT’s development risk, and increase cash flow and net asset value per share, while maintaining our investment grade balance sheet. It will also allow us to continue our progress in making the energy we produce more affordable, reliable, and cleaner,” said President and CEO Toby Rice.
EQT expects to close the transaction within the next seven business days.
EQT Corporation is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin. They are dedicated to responsibly developing a world-class asset base and being the operator of choice for stakeholders. By leveraging a culture that prioritizes operational efficiency, technology, and sustainability, they seek to continuously improve the way they produce environmentally responsible, reliable, and low-cost energy. They have a longstanding commitment to the safety of employees, contractors, and communities, and to the reduction of its overall environmental footprint.
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