EQT had recently sent a takeover proposal to rival CNX Resources, a report said, adding that no final decision has been made.
Here’s a snapshot of recent energy deals including a wave of upstream mergers in the Permian Basin that saw ConocoPhillips agreeing to acquire Concho Resources and Pioneer Natural Resources buying Parsley Energy.
The merger of the two shale producers, both Permian Basin pure-plays, follows a growing wave of consolidation, which Enverus’ Andrew Dittmar described as a “historic winnowing of U.S.-based independent E&P companies.”
Pioneer and Parsley, both Permian pure-plays, are discussing an all-stock deal and could be completed by the end of the month if talks don’t fall apart, a report by the Wall Street Journal said citing people familiar with the matter.
James Lee, executive managing director at Riveron and leader of the firm’s energy practice, joins Hart Energy to discuss the challenges facing the oil and gas deal community and how companies can successfully navigate their upcoming transactions.
Concho Resources’ chairman and CEO, Tim Leach, is set to join ConocoPhillips’ board of directors and executive leadership team as executive vice president and president of Lower 48.
ConocoPhillips and Concho Resources may announce a deal in a few weeks, a report said, adding that no final decision has been made and talks could fall through.
The Permian Basin will likely continue to be the epicenter for shale consolidation among oil and gas producers because of its perceived advantages in economic well locations, a recent report says.
The acquisition of Noble Energy makes Chevron the No. 2 U.S. shale oil producer behind EOG Resources Inc. and gives it nearly 1 Bcf of international natural gas reserves close to growing markets.