在今年最大的一笔交易中，殷拓集团斥资52 亿美元收购阿巴拉契亚盆地上游和中游资产，这将带来更多的自由现金流、更低的运营成本和更多的债务削减，同时股东回购数量将增加一倍。

9月6日，EQT Corp. 签订收购协议，收购 THQ Appalachia I LLC (Tug Hill) 的上游资产和 THQ-XcL Holdings I LLC (XcL Midstream) 的收集和加工资产。这两家私营公司均得到私募股权提供商 Quantum Energy Partners 的支持。

阿巴拉契亚螺栓连接为 EQT 当前的运营增加了 800 MMcfe/d。该公司将获得约 90,000 英亩的核心净面积，抵消其现有的西弗吉尼亚州核心租赁权益，其中 96% 的运营工作权益和 83% 的净收入权益。

高盛表示，该交易整合了收集、加工和水务中游资产，预计将增加约1.5亿美元的长期自由现金流。

Enverus 子公司 Enverus Intelligence Research 总监安德鲁·迪特玛 (Andrew Dittmar) 表示，此次收购是“一家致力于阿巴拉契亚盆地向美国甚至可能是全球盟友供货的公司投下的一次重大信任票”。地区。”

“与其他将生产基地多元化到海恩斯维尔的阿巴拉契亚运营商不同，EQT 始终忠于其在马塞勒斯和尤蒂卡的根源，相信该地区的库存和基础设施将足以维持公司的长期发展，”Dittmar 说道。

该交易在西南扩张中增加了一条长达 10 多年的高质量库存跑道和中游基础设施，平衡了该公司早前在 2021 年 5 月以 30 亿美元收购 Alta Resources 时进入马塞勒斯东北部的情况。

迪特马表示，对于那些试图弥合估值、大宗商品价格波动以及私人卖家和私人买家期望之间差距的公司来说，这笔交易也是某种突破。

“如此规模的私募出售受到公众勘探与生产投资者的好评，对于并购的前景来说非常令人鼓舞，”迪特玛说。“尽管库存跑道很重要，但投资者目前高度关注有助于推动股息和回购的交易。”

Piper Sandler 分析师 Mark A. Lear 在 9 月 7 日的一份报告中表示，殷拓将 41 亿美元归于上游资产，11 亿美元归于中游资产。

据 Enverus 称，自康菲石油公司于 2021 年 9 月以 95 亿美元收购壳牌公司二叠纪盆地资产以来，该交易是美国一年来最大的上游交易。更重要的是，这是五年多来最大的阿巴拉契亚盆地交易。

“QT 估计其上游和中游合并支付的价格为 2.7 倍，该交易将在未来五年内为 FCF 带来 5-10% 的增值，”李尔表示。“作为交易的结果，EQT 预计将在 2023 年期间额外偿还 15 亿美元的债务，并将回购额从 10 亿美元增加到 20 亿美元。”

该交易超过了EQT在 2017 年夏天以 82 亿美元收购 Rice Energy 的交易，该交易使 Toby Rice 走上了成为 EQT 现任首席执行官的道路。

Dittmar 表示，收购价格表明上游资产未来 12 个月的 EBITDA 保守为 2.3 倍，上游和中游资产合计 EBITDA 为 2.7 倍。

“总而言之，这些资产未来 12 个月的自由现金流收益率为 27%，”迪特玛说。“每股自由现金流的增加，加上 EQT 授权股票回购额增加一倍至 20 亿美元，无疑是投资者似乎对该交易反应良好的关键因素。”

高盛分析师 Umang Choudhary 表示，整合风险较低，因为 THQ 毗邻 EQT 的现有足迹，而中游资产为长途管道提供了更好的连接。所收购资产的自由现金流盈亏平衡点约为 1.35 美元/MMBtu，而殷拓目前的盈亏平衡点为 2.30 美元/MMBtu。

In the largest deal of the year, EQT Corp.’s $5.2 billion splurge on Appalachian Basin upstream and midstream assets will result in more free cash flow, lower operating costs and an increased debt reduction—all while doubling shareholder buybacks.

On Sept. 6, EQT Corp. entered into a purchase agreement to acquire THQ Appalachia I LLC (Tug Hill)’s upstream assets and THQ-XcL Holdings I LLC (XcL Midstream)’s gathering and processing assets. Both private companies are backed by private-equity provider Quantum Energy Partners.

The Appalachian bolt-on adds 800 MMcfe/d to EQT’s current operations. The company will gain approximately 90,000 core net acres offsetting its existing West Virginia core leasehold, with a 96% operated working interest and 83% net revenue interest.

Goldman Sachs said the deal’s integration of gathering, processing and water midstream assets is expected to add about $150 million in long-term free cash flow.

Andrew Dittmar, director at Enverus Intelligence Research, a subsidiary of Enverus, said the acquisition is a “significant vote of confidence on the ability of the Appalachian Basin to supply the U.S., and potentially even global allies, from a company deeply committed to the region.”

“Unlike other Appalachian operators that have diversified their production base into the Haynesville, EQT has stayed true to its roots in the Marcellus and Utica confident that inventory and infrastructure in the region will be sufficient to sustain the company long term,” Dittmar said.

The deal adds a high-quality inventory runway of more than 10 years and midstream infrastructure in a southwestern expansion that balances the company’s earlier entry into the northeast Marcellus when it acquired Alta Resources for $3 billion in May 2021.

The deal is also a breakthrough of sorts for companies that have tried to bridge the gap between valuations, commodity price volatility and the expectations of private sellers and private buyers, Dittmar said.

“It is highly encouraging for the outlook for M&A to see a private sale of this scale that is well received by public E&P investors,” Dittmar said. “While inventory runway is important, investors are currently highly focused on deals helping fuel dividends and buybacks.”

EQT attributed $4.1 billion to the upstream assets and $1.1 billion to the midstream, said Mark A. Lear, an analyst with Piper Sandler, in a Sept. 7 report.

The deal is the largest U.S. upstream transaction in about a year, since ConocoPhillips Co. purchased Shell Plc’s Permian Basin assets for $9.5 billion in September 2021, according to Enverus. More significantly, it is the largest Appalachian Basin deal in more than five years.

“EQT estimates it is paying 2.7x on a combined upstream and midstream basis and the deal will be 5-10% accretive to FCF over the next five years,” Lear said. “As a result of the transaction, EQT expects to retire an additional $1.5 billion of debt and increase the buyback to $2 billion (from $1 billion) through YE23.”

The deal tops EQT’s purchase of Rice Energy for $8.2 billion in the summer of 2017—which is the transaction that set Toby Rice on the path to becoming EQT’s current CEO.

The purchase price suggests a conservative 2.3x next-12-month EBITDA for the upstream assets and 2.7x EBITDA for the upstream and midstream assets combined, Dittmar said.

“All in, the assets have a 27% next-12-month free cash flow yield,” Dittmar said. “The boost to free cash flow per share, plus a doubling of EQT’s authorized share repurchase to $2 billion are certainly key factors in why investors seem to be reacting favorably to the deal.”

Goldman Sachs analyst Umang Choudhary said integration risk is low since THQ is adjacent to EQT’s existing footprint, while the midstream assets provide greater connectivity to long-haul pipelines. The free cash flow breakeven of the acquired asset is about $1.35/MMBtu compared with EQT’s current $2.30/MMBtu.