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EQT To Sell Non-Core Huron Acreage; To Use Proceeds To Reduce Net-debt

EQT Corp. (EQT) announced a definitive agreement to sell approximately 2.5 million non-core, net acres in the Huron Play located in Southern Appalachia to Diversified Gas and Oil plc, for $575 million cash. EQT will retain the deep drilling rights across the acreage. Proceeds from the sale will be used to reduce EQT's net-debt. The transaction also relieves EQT of approximately $200 million of plugging and other liabilities associated with the assets.

The company said its 2018 operational and financial guidance will be updated to reflect the impact of the transaction in the second quarter earnings report scheduled for July 26, 2018.

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