Statoil ASA (NYSE: STO) said July 11 it completed its divestment of noncore operated assets in the Marcellus Shale to EQT Corp. (NYSE: EQT).
In the transaction, EQT agreed to buy 62,500 net acres in West Virginia for $407 million. The properties produced 9,300 barrels of oil equivalent per day in the first quarter.
In line with the company’s consolidation strategy, the acquisition increases EQT’s core undeveloped Marcellus acreage by 29%. The transaction also includes drilling rights on an estimated 53,000 net acres that are undeveloped and prospective for the deep Utica.
Statoil retains its operated properties in Ohio and its nonoperated Marcellus positions. The sale closed July 8.
RELATED: EQT Buys Next-Door Neighbor Statoil’s Marcellus Acreage
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