Consolidating acreage

16-Nov-2019 02:59 by 10 Comments

Consolidating acreage

The properties include two portfolios, one of which is located in West Virginia and the other in Southwestern Pennsylvania.In its press release, EQT characterized the acreage being acquired as "core." In West Virginia, EQT is paying $513 million for ~42,600 net acres and current natural gas production of approximately 42 MMcfe/d.

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That deal came after a larger one with Statoil ASA in the state and the acquisition of small West Virginia pure-play Trans Energy Inc. Not including Thursday's announcement, EQT has added 230,000 net core acres since 2013, with management saying on its year-end earnings call last week that it intends to continue acquiring more to block-up its position and extend laterals.

Given the location in the core rich gas and super-rich gas Marcellus and dry gas Utica fairways, the price appears reasonable.

Undeveloped acreage acquisition at this point in the natural gas cycle appears to be the best use of the company’s large cash balance.

Acreage acquisition activity may accelerate in the next few years as more leases start coming closer to expirations.

The extreme weakness in natural gas prices, exacerbated by the wide regional differentials in the Marcellus/Utica area, will likely trigger additional distress sale.

Upon completion, the pending acquisition will add approximately 71,000 net acres to the Company's Midland Basin acreage portfolio, bringing total Permian Basin net acreage to approximately 227,000 acres.

Parsley intends to increase drilling and completion activity on the Company's expanded asset base and, as a result, is updating 2017 capital plans and operating guidance to reflect increased capital investment and associated production growth.Several natural gas and coal producers in the Marcellus and Utica area have already filed for protection under Chapter 11.EQT is paying ~,000-10,000 per undeveloped acre in a bolt-on acquisition.0) generate Results Timer = Timeout(function () { var str = escape(Element By Id('rsf_inp140').value); var ss = Element By Id('search_suggest140'); if (str.length == 0) var req = new Request. (NYSE: PE) ("Parsley," "Parsley Energy," or the "Company") today announced that it has entered into an agreement to acquire certain undeveloped acreage and producing oil and gas properties in the core of the Midland Basin from Double Eagle Energy Permian, LLC ("Double Eagle") for an aggregate purchase price of approximately , subject to purchase price adjustments and customary closing conditions.While varying widely, lease terms in the Marcellus area tend to be longer than in some other oil and gas provinces in the U. Still, even the leases with long initial terms and extension options start approaching deadlines at some point.

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