EQT Announces Common Stock Offering To Finance $407 Million Purchase Of Assets

Shares of EQT Corporation EQT were trading lower by 3 percent early Tuesday morning after the company announced a pricing of up-sized common stock offering to finance the purchase of certain assets from Statoil. EQT has agreed to acquire from Statoil ASA(ADR) STO some of its assets in the Marcellus Shale Formation in West Virginia for $407 million in cash. The properties consist of 62,500 acres in West Virginia that achieved a production of 9,300 barrels of oil equivalent a day during the first quarter.

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EQT said it has priced a public offering of 10.5 million shares of its common stock at a price of $67.00 per share. The offering was upsized from an originally proposed 9.5 million share offering.

Shares of EQT closed at $69.18 on Monday.

EQT noted it plans on using the proceeds to to fund its announced acquisition of certain assets from Statoil for other potential future acquisitions and for general corporate purposes.

Posted In: NewsCommoditiesAsset SalesMarketsTrading IdeasEQTMarcellus Shale Formationoil and gas stocksStatoil
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