EQT Corp., the largest U.S. natural gas producer, is considering buying rival CNX Resources Corp., Bloomberg News reported on Oct. 22, citing people familiar with the matter.

EQT had recently sent a takeover proposal to CNX Resources, the report said, adding that no final decision has been made.

Last month, Reuters reported that EQT had bid for Chevron Corp.'s Appalachia gas properties and a pipeline stake.

Dealmaking has recently picked up pace among oil-focused U.S. producers slammed by the rout in energy prices during the COVID-19 pandemic.

Both EQT and CNX declined to comment on the news.