EQT, the largest producer of natural gas in the United States, has entered into an agreement with Equinor USA Onshore Properties to swap Equinor’s operated position in the Marcellus and Utica shale formations in Ohio for a stake in EQT’s non-operated interest in the Northern Marcellus formation in Pennsylvania, representing 225 million standard cubic feet per day of forecasted 2025 net production.
Equinor will sell the 100 percent interest in and operatorship of its onshore asset in the Appalachian Basin, located in southeastern Ohio, in exchange for 40 percent of EQT’s non-operated working interest in the Northern Marcellus shale formation.
Equinor will pay a cash consideration of $500 million to EQT. The assets involved in the transaction include 26,000 net acres in Monroe County, Ohio, and 10,000 net acres in Lycoming County, Pennsylvania.
Following the transaction, Equinor will increase its average working interest from 15.7 percent to 25.7 percent in