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MarketScreener Homepage  >  Equities  >  Nyse  >  EQT Corporation    EQT

EQT CORPORATION (EQT)
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EQT : Alabama-based oil company completes deal for having more miles of pipe, including West Virginia

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08/14/2018 | 02:28pm CEST

An Alabama-based oil company no owns 11,000 gas wells previously belonging to EQT Corp. following a $575 million agreement.

Diversified Gas & Oil, of Birmingham, Ala., announced last month it completed the deal to acquire 11,000 wells in Kentucky, Virginia and West Virginia, as well as 6,400 miles of pipe and 59 compressor stations. Diversified Gas & Oil will also take in 250 employees, 100 of which work in West Virginia.

The acquisition doubles the companys oil production to more than 60,000 barrels of oil equivalent per day, making the Diversified Gas & Oil the largest conventional producer of oil in Appalachia.

As we started out and really growing the business over the last couple of years, one of the premium assets we saw out there in the conventional oil and gas space was this EQT asset, said Rusty Hutson, CEO of Diversified Gas & Oil. Weve had our eyes on it for a while.

According to Hutson, the company believed the EQT properties would come up for divestment as EQT began focusing more on the Marcellus Formation.

When it came on the market, we made a play for it, he said on MetroNews Talkline last week.

The wells are used for conventional oil and gas drilling, a market that Diversified Gas & Oil is focused on using.

This is a big asset, Hutson said. With this deal alone, we picked up 2.5 million drillable acres in Kentucky, West Virginia and a small part of Virginia. There is a big opportunity for us, especially as gas prices start to recovery, to start to develop a lot of assets.

Hutson said the company will look to develop the asset and consider drilling wells profitable for the company that larger corporations may overlook.

As for prices, Hutson said a reasonable range would be between $3 and $4 per thousand cubic feet.

I feel like if we have any kind of winter at all, you could see a pretty hefty rebound in pricing, he said.

Diversified Gas & Oil closed on the assets on July 18.

(c) 2018 Business and Financial Times - All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2018 4 921 M
EBIT 2018 1 555 M
Net income 2018 -1 364 M
Debt 2018 7 655 M
Yield 2018 0,24%
P/E ratio 2018 -
P/E ratio 2019 19,48
EV / Sales 2018 4,23x
EV / Sales 2019 3,57x
Capitalization 13 150 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 68,7 $
Spread / Average Target 39%
EPS Revisions
Managers
NameTitle
David L. Porges Chairman, President & Chief Executive Officer
Robert J. McNally Chief Financial Officer & Senior Vice President
Vicky A. Bailey Independent Director
James E. Rohr Lead Independent Director
Lee T. Todd Independent Director
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