EQT Corporation (NYSE:EQT) has placed a bid on Chevron Corporation (NYSE:CVX)'s Appalachia gas properties and a pipeline stake, people familiar with the matter said. EQT offered $750 million for the properties, one of the people familiar with the matter said. Chevron in 2019 said it was considering sale of the properties and took an $8.17 billion charge to earnings to write down their value and an unrelated U.S. offshore project.

Most of the impairment charge was for the gas properties. Chevron is marketing about 800,000 acres in the Marcellus and Utica shale basins of Pennsylvania and neighboring states and a 31% non-operating interest in Laurel Mountain Midstream, which has intrastate and gathering lines servicing the Marcellus shale area. EQT declined to comment.

EQT Chief Executive Toby Rice in July described Appalachia shale as "a buyer's market," and called consolidation an opportunity for the Pittsburgh-based company. Bids for the properties were received on August 12, 2020 and are being evaluated, Chevron said in response to inquiries. It declined to comment on the bids.

There is no guarantee the talks will lead to a sale to EQT or another company.