Adds details on asset sale and sales volumes in paragraphs 2-6
Oct 29 (Reuters) - EQT Corp EQT.N said on Tuesday it would sell its remaining interest in its non-operated natural gas assets in northeast Pennsylvania for $1.25 billion in cash to Equinor EQNR.OL.
Earlier this year, the natural gas producer said it would sell a 40% interest in northeast Pennsylvania to Equinor USA in exchange for the Norway-based company's onshore asset in the Appalachian basin and $500 million in cash.
The sale comes amid EQT's efforts to shed off its debt pile, which it accumulated after completing the $14 billion purchase of pipeline operator Equitrans Midstream in July.
Though the acquisition added more than 2,000 miles of pipelines to its portfolio, EQT's total debt increased substantially to $13.8 billion as of Sept. 30, compared to $5.8 billion as of Dec. 31, 2023.
The company also beat Wall Street expectations for third-quarter profit, benefiting from higher sales volumes.
Counted among the biggest natural gas producers in the U.S., EQT said its total sales volumes increased to 581 billion cubic feet equivalent (bcfe) in the three months ended Sept. 30, from 523 bcfe last year.
The Pittsburgh, Pennsylvania-based company posted adjusted profit of 12 cents per share for the quarter, compared with analysts' estimates of 6 cents per share, according to data compiled by LSEG.
(Reporting by Vallari Srivastava in Bengaluru; editing by Alan Barona)
((Srivastava.Vallari@thomsonreuters.com))
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