EQT Corp. agreed to acquire Chevron Corp.’s Appalachian position for $735 million on Oct. 27 marking the oil major’s exit from the region.

Pittsburgh-based EQT, which focuses on natural gas production, said in a release it had entered into a definitive purchase and sale agreement with Chevron U.S.A. Inc. under which EQT will acquire Chevron’s upstream and midstream assets located in the Appalachian Basin. The transaction includes 335,000 total net acres in the Marcellus Shale with current net production of about 450 MMcfe/d.

Toby Rice, president and CEO of EQT, described the acquisition as a natural bolt-on extension of EQT’s dominant position in the core of the southwest Marcellus where the company currently holds about 630,000 net acres.

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