EQT Corporation will acquire the upstream and midstream assets of Olympus Energy for USD 1.8 billion to strengthen its footprint in the USA’s Marcellus and Utica shale regions, the company said on Wednesday.
The deal, expected to close in the third quarter of 2025, includes a 90,000-net-acre position in southwest Pennsylvania adjacent to existing EQT operations. The Olympus assets currently produce 500 million net cubic feet per day.
The purchase will be funded through 26 million shares of EQT common stock valued at approximately USD 1.3 billion and USD 500 million in cash. EQT estimates the acreage will yield USD 530 million in average annual adjusted EBITDA over the next three years.
“Additionally, the assets are positioned adjacent to several proposed power generation projects, providing potential strategic value upside,” EQT CEO Toby Rice said.
The Olympus portfolio features over ten years of high-quality Marcellus inventory at maintenance activity levels, with a further seven years of upside from the Utica.
EQT is the largest producer of natural gas in the USA, with operations focused on the Appalachian Basin. The company employs a vertically integrated model to drive efficiency and cost leadership across upstream, midstream and water logistics operations.
Olympus Energy is a privately held exploration and production company based in Pennsylvania. The operator concentrates on developing unconventional resources in the Appalachian Basin, with a strategic emphasis on the Marcellus and Utica shale formations.