EQT said the EQT Parties and the Equinor Parties closed the Equinor Transaction on May 31, 2024. The transaction was carried out under the purchase, sale and exchange agreement entered into on April 12, 2024.

1. 01

   EQT said the EQT Parties and the Equinor Parties closed the Equinor Transaction on May 31, 2024. The transaction was carried out under the purchase, sale and exchange agreement entered into on April 12, 2024.

2. 02

   The company said the EQT Parties agreed to sell an undivided 40% interest in EQT's non-operated natural gas assets in Northeast Pennsylvania to the Equinor Parties. The consideration consists of cash, acreage and interests in gathering systems.

3. 03

   The company said it will receive $500 million in cash (subject to customary purchase price adjustments), approximately 26,000 net acres in Monroe County, Ohio, and approximately 10,000 net acres predominantly in Lycoming County, Pennsylvania. It will also receive the remaining 16.25% ownership interest in the EQT-operated gathering systems in Lycoming County.

4. 04

   The company said the EQT Parties and the Equinor Parties agreed to enter into a gas buy-back agreement at closing covering the assets the EQT Parties received in the transaction. Under the agreement, the Equinor Parties will purchase a specified amount of natural gas from EQT through Q1 2028 at a premium to in-basin pricing.

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