Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

EQT CORPORATION

(EQT)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Diversified Gas & Oil Corporation signed a non-binding letter of intent to acquire gas and oil producing assets in the Appalachian Basin of EQT Corporation for approximately $580 million.

06/14/2018 EDT

Diversified Gas & Oil Corporation signed a non-binding letter of intent to acquire gas and oil producing assets in the Appalachian Basin from EQT Corporation (NYSE:EQT) for approximately $580 million on June 14, 2018. Diversified Gas & Oil entered into an agreement to acquire gas and oil producing assets in the Appalachian Basin of EQT Corporation on June 28, 2018. The consideration will be paid in cash. A deposit of $57.5 million has been paid and the balance of $517.5 million is to be satisfied in cash at completion conditional on, inter alia, shareholder approval. Diversified Gas & Oil is not acquiring the rights to the deeper unconventional horizons in the acquired acreage. The consideration will be met from a new debt facility of $1 billion with an initial borrowing base of $600 million, of which the Diversified Gas & Oil will draw approximately $376 million for the acquisition. In addition, Diversified Gas & Oil is proposing to undertake a placing of new ordinary shares to raise up to $225 million. As on June 27, 2018, Diversified Gas & Oil arranged a five year, senior secured credit facility of up to $1 billion from Key Bank National Association and a syndicate of lenders. It is intended that up to $600 million will be available to be drawn down at completion to fund the acquisition. Diversified Gas & Oil will be funding the acquisition by placing of new ordinary shares to raise proceeds of $240 million, net of placing costs. As of June 29, 2018, the transaction has been funded through an extension to its existing loan facility and a placing to raise $250 million. As of December 21, 2017, the total revenue for assets was $253.6 million and operating profit was $129.7 million. Post Completion, the Directors expect that Diversified Gas & Oil will employ approximately a further 250 employees of EQT Corporation. There are no proposed changes to the structure of the Board as a result of the transaction. The transaction is subject to approval by shareholders of Diversified Gas & Oil. The transaction is expected to complete by July 31, 2018. as on July 16, 2018 the expected closing date will be July 18, 2018. The acquisition is expected to be immediately accretive to cash and earnings. The pro forma uplift in 2017 EBITDA is estimated to be approximately 289%. Russell Cook, Katy Birkin and Ben Jeynes of Smith & Williamson Corporate Finance Limited acted as financial advisors for Diversified Gas & Oil PLC. Peter Krens and Edward Haig-Thomas of Mirabaud Securities Limited and Callum Stewart, Nicholas Rhodes and Ashton Clanfield of Stifel Nicolaus Europe Limited acted as Joint Broker for Diversified Gas & Oil PLC. Sameer Parasnis, Chris Gibson, Chris Steddum, Jerome Grisko, David Spilkin, and Ryan Ward of Stifel, Nicolaus & Company, Incorporated acted as financial advisors for Diversified Gas & Oil PLC. RBC Richardson Barr acted as financial advisor for EQT Corporation. Martin Thomas, Edward Craft, Kam Lally, Alex Green and Omar Amin of Wedlake Bell LLP acted as legal advisors for Diversified Gas & Oil PLC. Crowe LLP acted as accountant in the transaction. Fieldfisher LLP.acted as legal advisors for Smith & Williamson Corporate Finance Limited. Ben Romney, Chris Judd and Henry Wilson of Buchanan acted as Financial Public Relations for Diversified Gas & Oil PLC.


ę S&P Capital IQ 2018
All news about EQT CORPORATION
09/15EQT : JPMorgan Adjusts Price Target on EQT to $27 From $26, Maintains Neutral Ra..
MT
09/09Blank-check firm Rice's investors approve $1.15 bln Archaea merger
RE
09/07Exxon to begin certifying some shale gas emissions amid investor pressure
RE
09/02ZOOPLUS CONFIRMS TALKS WITH EQT ON P : Bloomberg
MT
08/30EQT : Citigroup Reinstates EQT at Buy With $23 Price Target
MT
08/23EQT : Wells Fargo Adjusts EQT's Price Target to $28 from $27, Keeps Overweight R..
MT
08/16EQT : Goldman Sachs Cuts Price Target on EQT to $24 From $26, Maintains Buy Rati..
MT
08/13EQT : Mizuho Adjusts Price Target on EQT to $29 From $33, Maintains Buy Rating
MT
08/12EUROPEAN MIDDAY BRIEFING : Stocks Struggle for -3-
DJ
08/03INSIDER TRENDS : Insider Buying Continued with Purchase of EQT Stock
MT
More news
Analyst Recommendations on EQT CORPORATION
More recommendations
Financials (USD)
Sales 2021 3 063 M - -
Net income 2021 -950 M - -
Net Debt 2021 5 372 M - -
P/E ratio 2021 -6,52x
Yield 2021 -
Capitalization 7 092 M 7 092 M -
EV / Sales 2021 4,07x
EV / Sales 2022 2,12x
Nbr of Employees 624
Free-Float 99,3%
Chart EQT CORPORATION
Duration : Period :
EQT Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends EQT CORPORATION
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 21
Last Close Price 18,76 $
Average target price 26,74 $
Spread / Average Target 42,5%
EPS Revisions
Managers and Directors
Toby Z. Rice President, Chief Executive Officer & Director
David Michael Khani Chief Financial Officer
Lydia I. Beebe Independent Chairman
Richard Anthony Duran Chief Information Officer
Philip G. Behrman Independent Director
Sector and Competitors
1st jan.Capi. (M$)
EQT CORPORATION48.15%7 118
CONOCOPHILLIPS47.34%78 899
CNOOC LIMITED9.05%46 303
EOG RESOURCES, INC.48.89%43 352
CANADIAN NATURAL RESOURCES LIMITED34.75%39 556
PIONEER NATURAL RESOURCES COMPANY37.90%38 314