EQT Corp. has priced at $750 million an underwritten public offering of 5.75% senior notes that the company expects to use to repay borrowings used for the acquisition of Tug Hill and XcL Midstream, according to a Jan. 17 press release.
EQT funded $1.25 billion of the deal’s cash portion with term loan borrowings. The transaction, a combination of $2.4 billion cash and 49.6 million shares of stock, closed in August after more than a year of scrutiny by the Federal Trade Commission.
In conjunction with the offering, and subject to such repayment and the satisfaction of customary closing conditions, EQT’s term loan facility will be amended to extend its maturity date from June 30, 2025 to June 30, 2026, among other things.
J.P. Morgan Securities LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC are acting as joint book-running managers and underwriters for the offering. The notes will be issued pursuant to a prospectus supplement and the accompanying base prospectus filed with the Securities and Exchange Commission.
Recommended Reading
Apache CEO: Longer Laterals Expected as Permian Enters New Era
2024-05-17 - With more than a decade of development in the Midland and Delaware basins, there are more limitations that operators will have to work around, said Apache Corp. CEO John Christmann at Hart Energy's SUPER DUG Conference & Expo.
Enverus: Permian Gains Will Sustain US Oil Production Through 2030
2024-05-09 - Crude output gains from the Permian Basin will keep U.S. oil production relatively flat entering the 2030s, offsetting declines from mature oily basins, according to Enverus Intelligence Research.
Gulfport Plans Liquids-rich Program After ‘Strong’ Ohio Oil Tests
2024-05-01 - Appalachia gas producer Gulfport Energy continues to report “strong oil production” from a two-well Hendershot pad drilled in eastern Ohio last year. Gulfport plans to develop additional liquids-rich opportunities this year as natural gas prices hover near record lows.
Decoding the Delaware: How E&Ps Are Unlocking the Future
2024-05-01 - The basin is deeper, gassier, more geologically complex and more remote than the Midland Basin to the east. But the Delaware is too sweet of a prize to pass up for many of the nation’s top oil and gas producers.
Chevron CEO: Permian, D-J Basin Production Fuels US Output Growth
2024-04-29 - Chevron continues to prioritize Permian Basin investment for new production and is seeing D-J Basin growth after closing its $6.3 billion acquisition of PDC Energy last year, CEO Mike Wirth said.