PITTSBURGH--(BUSINESS WIRE)--EQT Corporation (NYSE: EQT) and Range Resources Corporation (NYSE: RRC) today announced completion of the asset exchange that was announced in late April 2014. In the transaction, EQT received approximately 73,000 net acres and more than 900 producing wells in the Permian Basin of Texas. Range received approximately 138,000 net acres and the remaining interest in a supporting gathering system in the Nora Field of Virginia, plus $145 million cash, less the normal post-closing adjustments.
RANGE RESOURCES CORPORATION is a leading independent oil and natural gas producer with operations focused in Appalachia and the Midcontinent region of the United States. The Company pursues an organic growth strategy targeting high return, low-cost projects within its large inventory of low risk, development drilling opportunities. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.
About EQT Corporation:
EQT
Corporation is an integrated energy company with emphasis on Appalachian
area natural gas production, gathering, and transmission. EQT is the
general partner and significant equity owner of EQT Midstream Partners,
LP. With more than 125 years of experience, EQT continues to be a leader
in the use of advanced horizontal drilling technology – designed to
minimize the potential impact of drilling-related activities and reduce
the overall environmental footprint. Through safe and responsible
operations, the Company is committed to meeting the country’s growing
demand for clean-burning energy, while continuing to provide a rewarding
workplace and enrich the communities where its employees live and work.
Company shares are traded on the New York Stock Exchange as EQT.
Visit EQT Corporation at www.EQT.com.
EQT Cautionary Statements
Disclosures in this press
release contain certain forward-looking statements. Statements that do
not relate strictly to historical or current facts are forward-looking.
Without limiting the generality of the foregoing, forward-looking
statements contained in this press release specifically include the
expectations of plans, strategies, and objectives of EQT and its
affiliates. These statements involve risks and uncertainties that could
cause actual results to differ materially from projected results.
Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. EQT has
based these forward-looking statements on current expectations and
assumptions about future events. While EQT considers these expectations
and assumptions to be reasonable, they are inherently subject to
significant business, economic, competitive, regulatory and other risks
and uncertainties, most of which are difficult to predict and many of
which are beyond EQT's control. The risks and uncertainties that may
affect the operations, performance and results of EQT's business and
forward-looking statements include, but are not limited to, those set
forth under Item 1A, "Risk Factors" of EQT's Form 10-K for the year
ended December 31, 2013, as updated by any subsequent Form 10-Qs.
Any forward-looking statement applies only as of the date on which such statement is made and EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
Range Resources Cautionary Statements
All
statements, except for statements of historical fact, made in this
release regarding activities, events or developments the Company
expects, believes or anticipates will or may occur in the future, such
as those regarding the final consummation of the transactions and
satisfaction of the required conditions to closing are forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These
statements are based on assumptions and estimates that management
believes are reasonable based on currently available information;
however, management's assumptions and Range's future performance are
subject to a wide range of business risks and uncertainties and there is
no assurance that these goals and projections can or will be met. Any
number of factors could cause actual results to differ materially from
those in the forward-looking statements, including, but not limited to,
the volatility of oil and gas prices, the results of our hedging
transactions, the costs and results of drilling and operations, the
timing of production, mechanical and other inherent risks associated
with oil and gas production, weather, the availability of drilling
equipment, changes in interest rates, litigation, uncertainties about
reserve estimates, environmental risks and regulatory changes. Range
undertakes no obligation to publicly update or revise any
forward-looking statements. Further information on risks and
uncertainties is available in Range's filings with the Securities
and Exchange Commission ("SEC"), which are incorporated by
reference.