The news of a possible EQT – Range deal comes on top of two other acquisitions. Alta Resources Development has purchased Anadarko’s and Mitsui’s Marcellus Assets. With outlook for NatGas improving, the deals are happening could there be more in the works.
Range Resources on Tuesday denied it has been contacted by EQT Corp. regarding a possible merger of the two natural gas exploration and production companies.
The company issued a statement in response to a press release issued earlier Tuesday by Charlotte, N.C.-based investment firm Chapter IV Investors LLC, stating that it sent a letter and presentation to the board of directors of Pittsburgh-based EQT, encouraging it to conduct a process to evaluate a potential merger with either Denver-based Antero Resources or Range Resources, which is based in Ft. Worth, Texas. Range has its Appalachian Basin operations in the Marcellus Shale headquartered in Southpointe.
Chapter IV, which has ownership stakes in EQT, Antero and Range, said it asked that EQT consider the merger options with either company versus a go-it-alone strategy.
Range said in its statement that while it does not typically comment on market speculation, it wanted to make clear that it has not been contacted by EQT regarding a potential merger of the two companies nor does Range plan to initiate any such discussions.
“If EQT or any other entity were to contact Range regarding a potential transaction, Range’s board will evaluate any such potential transaction considering the best interests of its stockholders given the circumstances at the time,” the company stated, adding that it does not expect to comment further regarding the matter.