US independent EQT Corp. announced plans to acquire privately held Olympus Energy Holdings in a cash-and-stock transaction valued at $1.8 billion.
The deal, revealed during EQT’s first-quarter earnings call, comes amid uncertainty over the potential impact of US tariffs on upstream supply lines.
Describing the move as a “bolt-on acquisition,” EQT said the deal will add 500 MMscf/D of natural gas production and 90,000 net contiguous acres in southwestern Pennsylvania, expanding its position in the Marcellus and Utica shale plays.
Olympus Energy’s portfolio includes over a decade of drilling inventory in the Marcellus Shale at maintenance levels and up to 7 additional years in the Utica formation, according to EQT.
The transaction includes nearly 26 million EQT shares, valued at $1.3 billion along with $500 million in cash.
Following the transaction, EQT raised its full-year sales volume guidance by 25 Bcfe to 2.3 Tcfe, averaging about 6.3 Bcf/D.
The company, the second-largest pure-play natural gas producer in the US, expects to bring up to 120 wells online in 2025, including 32 to 50 during the current quarter. EQT said it anticipates closing the deal in the third quarter, subject to regulatory approval.
EQT struck a multibillion-dollar funding agreement last year with Blackstone Credit & Insurance to create a new midstream joint venture. The partnership includes EQT’s stakes in the Mountain Valley Pipeline, the Hammerhead Pipeline, and other assets. That deal followed EQT’s $5.45 billion acquisition of Equitrans Midstream in March 2024.
