Equinor strengthens gas portfolio

Under the agreement, Equinor will acquire 100% of EQT's remaining working interest in the Northern Marcellus gas units, primarily operated by Expand Energy.

This transaction will enhance cash flow from Equinor’s international portfolio by increasing natural gas volumes with low carbon intensity emissions from production.

The acquisition is expected to take effect from December 31, 2024, pending closing. It includes the same acreage covered by the earlier swap agreement between Equinor and EQT.

As a result of this deal, Equinor will increase its average working interest in the Northern Marcellus asset from 25.7% to 40.7%. The acquisition will add approximately 80,000 barrels of oil equivalent per day (boe/d) to Equinor's U.S. production in the near term.

“We continue to high-grade Equinor’s international portfolio in line with our strategy, improving robustness by adding more natural gas volumes in a core market where we produce with low break-evens and low intensity upstream emissions. We are well positioned in this premium acreage to capitalize on positive long-term demand indicators in the US gas market,” says Philippe Mathieu, executive vice president for Exploration and Production International at Equinor.

Equinor’s E&P USA business has delivered over USD 5.5 billion in adjusted operating income after tax since the start of 2021.

“The US is a core country for Equinor, where we have shaped a robust onshore and offshore oil and gas portfolio, alongside our activities in offshore wind, battery storage, and low-carbon value chains,” says Mathieu.

EQT Corporation is one of the largest natural gas producers in the U.S., with operations spanning Pennsylvania, West Virginia, and Ohio.

The closing of the transaction is subject to approval by the relevant authorities.