EQT Announces Common Stock Offering To Finance $407 Million Purchase Of Assets
Shares of EQT Corporation (NYSE: 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) (NYSE: 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.
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.
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