PITTSBURGH, Aug. 16, 2023 /PRNewswire/ -- EQT Corporation (NYSE: EQT) ("EQT" or the "Company") today announced that the U.S. Federal Trade Commission (the "FTC") has resolved its review of EQT's agreement with THQ Appalachia I, LLC ("Tug Hill") and THQ-XcL Holdings I, LLC ("XcL Midstream") to acquire Tug Hill's upstream assets and XcL Midstream's gathering and processing assets pursuant to an Agreement Containing Consent Order entered into among the parties to the transactions and the FTC effective as of today. Tug Hill and XcL Midstream are backed by equity commitments from funds managed by Quantum Energy Partners. The parties have now satisfied the condition relating to the Hart-Scott-Rodino Act of 1976, as amended and the rules and regulations promulgated thereunder, required to close the transaction.
President and CEO Toby Z. Rice stated, "We are pleased the FTC has completed its review and we are now able to bring the acquisition of Tug Hill and XcL Midstream to a close. This acquisition will lower EQT's cost structure, reduce EQT's development risk, and increase cash flow and net asset value per share, while maintaining our investment grade balance sheet. It will also allow us to continue our progress in making the energy we produce more affordable, reliable, and cleaner."
EQT expects to close the transaction within the next seven business days.
EGT Acg Tug Hill clears Biden Cabal
Re: EGT Acg Tug Hill clears Biden Cabal
This is very good news for EQT, the largest "gasser" in America.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EGT Acg Tug Hill clears Biden Cabal
Note from Truist Financial:
EQT Corporation (EQT, $41.98, Hold) - FT-C I Told Ya So - After
expectations by many buyside counterparts for the deal to
close in early July, EQT announced that the FTC's review of its
acquisition of Tug Hill (private) has been resolved, and it expects
to close in the next seven days. While we expect the stock to
slightly outperform the group tomorrow on the removal of the
headline risk, we would note that due to the assumption by other
sellside analysts for a sooner close, there will likely be downward
revisions in 3Q23 production estimates, along with lower capital
assumptions (our estimates move the other way due to a later
close assumption).
We are raising our price target to $35 From $34. - Bertrand Donnes
EQT Corporation (EQT, $41.98, Hold) - FT-C I Told Ya So - After
expectations by many buyside counterparts for the deal to
close in early July, EQT announced that the FTC's review of its
acquisition of Tug Hill (private) has been resolved, and it expects
to close in the next seven days. While we expect the stock to
slightly outperform the group tomorrow on the removal of the
headline risk, we would note that due to the assumption by other
sellside analysts for a sooner close, there will likely be downward
revisions in 3Q23 production estimates, along with lower capital
assumptions (our estimates move the other way due to a later
close assumption).
We are raising our price target to $35 From $34. - Bertrand Donnes
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EGT Acg Tug Hill clears Biden Cabal
to 35 from 34!!!
I asked a question a few months ago if delayed Tug Hill affect numbers/forecast and you folks said no problem.
It's already 42.91! And you thought I was bearish!
I asked a question a few months ago if delayed Tug Hill affect numbers/forecast and you folks said no problem.
It's already 42.91! And you thought I was bearish!
Re: EGT Acg Tug Hill clears Biden Cabal
It is down only because EQT is a gasser. Natural Gas and NGL prices will be in the "Penalty Box" for several more quarters.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EGT Acg Tug Hill clears Biden Cabal
This thread is a bit absurd. Truist raising price target to $8 below current trade???!!!! Dan explaining why it is down?? You mean the price target? I give this one a 25% price uplift for Toby Rice at the helms. Those who believe will be rewarded nicely in 18 months. By then we will have a new and hopefully energy loving Pres.(and a lot of LNG additional export capacity). Don't see a lot of downside in this one.
Re: EGT Acg Tug Hill clears Biden Cabal
I am VERY BULLISH on the long-term potential of EGT.
Natural gas and NGL prices will rebound.
I am short-term bearish and long-term BULLISH ON NATURAL GAS. The "Right Price" for U.S. natural gas is much higher than $3.00.
Natural gas and NGL prices will rebound.
I am short-term bearish and long-term BULLISH ON NATURAL GAS. The "Right Price" for U.S. natural gas is much higher than $3.00.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EGT Acg Tug Hill clears Biden Cabal
I agree, I am very impressed with the Rice family. EQT is very well positioned if and when higher prices come back. I was just surprised with the TP , "hold" rating
Re: EGT Acg Tug Hill clears Biden Cabal
Trying to market time oil and gas companies has never been a winning formula for me. Massive surprises and disappointments.I like the W Buffet approach of deciding the general direction of the industry, buy low good quality management, hold, and take advantage of opportunities along the way for good companies that may be down because of circumstances beyond their control.the next twelve months for gassers like EQT, AR, RRC, SBOW, and possibly CRK are ripe. In the next twelve months the poor productivity of the Green New Deal should be apparent to all. Hopefully a turnover in executives control will be achieved resulting in roll back of insane anti energy regulations and opening up opportunities for pipelines to move forward.that’s my view and I am holding/accumulating with the known downside risk and upside looking pretty, pretty good.